Which of the following is evidence of a shortage of chocolate?
A) The price of chocolate is raised in order to increase sales.
B) Firms lower the price of chocolate.
C) The equilibrium price of chocolate falls due to a decrease in demand.
D) The quantity of chocolate demanded is greater than the quantity supplied.
D
You might also like to view...
Generally, the demand for energy in the long run will be
a. approximately equal in elasticity to the demand for energy in the short run. b. considerably less elastic than in the short run. c. considerably more elastic than in the short run. d. perfectly inelastic because we must have energy to survive.
In the intermediate range of the aggregate supply curve, if government spending increases caused the aggregate demand curve to shift outwards, which of the following ismostlikely to occur?
A. The price level and real GDP will both rise. B. The price level will not change, but real GDP will increase. C. The price level will rise, but real GDP will not change. D. Both the price level and real GDP will not change.