Assume there is a shortage in the market for digital music players. Which of the following statements correctly describes this situation?
A) The shortage will cause a decrease in the equilibrium price of digital music players.
B) The demand for digital music players is greater than the supply of digital music players.
C) Some consumers will be unable to obtain digital music players at the market price and will have an incentive to offer to buy the product at a higher price.
D) The price of digital music players will rise in response to the shortage; as the price rises the quantity demanded will increase and the quantity supplied will decrease.
C
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Luigi owns and operates a small restaurant. The income he receives from the restaurant is classified as
a. saving b. proprietor's income c. wages and salaries d. rental income e. dividends
Over the last 30 years in the United States, the black-white earnings ratio for women has ________ and for men has ________.
A. steadily increased; been relatively flat B. steadily increased; steadily increased C. been relatively flat; steadily increased D. been relatively flat; steadily decreased E. steadily increased; steadily decreased