Author Question: When will a shortage occur in a market? a. When the actual price is lower than the equilibrium ... (Read 43 times)

dakota nelson · **on:** Jun 30, 2018

When will a shortage occur in a market?
a. When the actual price is lower than the equilibrium price
b. When quantity supplied is greater than the equilibrium quantity
c. When the quantity that consumers are willing and able to purchase decreases
d. When the quantity available at zero price is insufficient to meet demand
e. When a price floor is set in the market

Question 2

The concept of opportunity cost is illustrated by:
a. a movement from the interior of the production possibilities curve to the frontier.
b. a movement from the production possibilities curve to its interior.
c. a movement from a point on the production possibilities curve to the northeast.
d. a movement along the production possibilities curve, as production of one good falls in order to increase production of another.