If a shortage exists in a market then:
a. the price is below equilibrium
b. the quantity demanded exceeds the quantity supplied.
c. the price will rise in the near future.
d. all of the above.
d
Economics
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The velocity of circulation grows at 1 percent and real GDP grows at 3 percent. If the quantity of money grows at 2 percent, the inflation rate is
A) 8 percent. B) 10 percent. C) zero. D) 2 percent. E) 4 percent.
Economics
Gigantic Corporation follows a strategy of waiting for rivals to innovate, then quickly imitating any successful innovations. This behavior is known as:
A. collusion. B. an entrepreneurial strategy. C. a fast-second strategy. D. pricing the demand curve.
Economics