If a shortage of a good exists in the market,
a. the price is higher than its equilibrium level
b. the quantity demanded is less than the quantity supplied
c. the quantity demanded exceeds the quantity supplied
d. there is an excess supply of the good
e. the price will fall
C
Economics
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The costs affecting decisions to supply goods and services are always
A) average costs. B) costs not yet incurred. C) sunk costs. D) total costs. E) unavoidable costs.
Economics
"If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed resources in Mexico." Is this statement true or false? Briefly explain your answer
What will be an ideal response?
Economics