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Questions and Answers
What is a shortage?
What is a shortage?
- A lack of something that is desired when there is less of it available than people want (correct)
- An abstract idea
- A situation where there is an abundance of goods
- A condition of having more goods than people want
Which of the following can cause a shortage?
Which of the following can cause a shortage?
- Sufficient production of items for everyone who wants them
- A sudden increase in demand for a trendy item (correct)
- A decrease in the number of people wanting a good or service
- Stable market conditions
When does a shortage usually end?
When does a shortage usually end?
- When production is resumed or new sources of supply are found (correct)
- When demand continues to outstrip supply perpetually
- When the fad leading to the shortage persists
- When people stop wanting the scarce item
What can cause a shortage before the Atlantic hurricane season?
What can cause a shortage before the Atlantic hurricane season?
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How does scarcity differ from a shortage?
How does scarcity differ from a shortage?
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