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

California is the sole producer of almonds in the United States. Suppose the price for a pound of almonds has increased during the past year. It is also predicted that almond prices will remain high. Over time, we predict that the

A) elasticity of supply will increase. B) elasticity of supply will decrease. C) elasticity of supply will remain constant. D) elasticity of supply will increase and then decrease.

A credible nominal anchor

A) can help overcome the time-inconsistency problem by providing an expected constraint on discretionary policy. B) can help to anchor inflation expectations, which leads to smaller fluctuations in inflation. C) is required for a policy rule. D) all of the above. E) both A and B.