An example of a shortage is limited amounts of:
a) water available for irrigating a crop because it is used for other crops
b) labor available because the workers have other jobs
c) food available because the trucks carrying it are on strike
d) food available because few people want to buy it
Ans: c) food available because the trucks carrying it are on strike
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The quantity demanded of a good or service is the amount that
A) a consumer would like to buy but might not be able to afford. B) is actually bought during a given time period at a given price. C) consumers plan to buy during a given time period at a given price. D) firms are willing to sell during a given time period at a given price.
Differentiate between the income effect and the substitution effect of a fall in the price of a good
What will be an ideal response?