Firms have _______ over their _______ costs in the short run.

When the price level is low, resulting in domestic goods being cheaper than imported foreign goods,

A) there will be a reduction in import tariffs. B) the demand for domestic goods will increase. C) consumers hold more money. D) consumers spend less.

In the economic sense, almost everything is scarce. ________ of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price

A) Scarcity B) A surplus C) An overstock D) A shortage