Which of the following describes the difference between "scarcity" and "shortage"?
A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
C) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.
D) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
C
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If at an output of 10 units a monopolist is earning a positive profit, marginal revenue is $6, and marginal cost is $4, then the monopolist:
a. is in equilibrium. b. should increase output. c. should reduce output. d. should lower the price at the current output level. e. should raise the price at the current output level.
Organizational structure forms evolved based on
A) new theories of management. B) the ability of new forms to add accounting profits. C) the ability of new forms to cover the cost of capital. D) the ability of new forms to add value.