A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price
b. price is less than equilibrium price
c. quantity demanded is less than quantity supplied
d. goods are scarce
e. some of the people who need the product are not willing and able to buy it at the equilibrium price
B
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In Dutch or first-price sealed-bid auctions, participants will bid less than their highest valuation
What will be an ideal response?
Which of the following offers an example of frictional unemployment?
a. The rise in unemployment for stable workers after the development of gasoline-powered automobiles and the resulting long-tern decline in horse-and-buggy transportation. b. The rise in unemployment among farm workers after harvest. c. Unemployment resulting from the business cycle. d. None of the above are correct.