A shortage occurs in a market when:
A) supply exceeds demand.
B) price is lower than the equilibrium price.
C) price is higher than the equilibrium price.
D) the marginal utility of consumption is negligible.
B
Economics
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A social system could eliminate profits and losses if it could
A) eliminate greed and selfishness. B) eliminate uncertainty. C) fix all prices to reflect opportunity costs. D) fix all prices to reflect the value of the labor embodied in goods. E) tax all receipts above cost and redistribute them to firms unable to cover all their costs.
Economics
The producer surplus on a unit of output is the difference between the market price and the opportunity cost of producing it
Indicate whether the statement is true or false
Economics