what best describes shift in supply? a change in some economic factor causes a different quantity to be…
what best describes shift in supply? a change in some economic factor causes a different quantity to be supplied at every price; economic balance; demand change; supply constancy question 29 what best describes shortage? the quantity demanded exceeds the quantity supplied, also called excess demand; surplus; market equilibrium; adequate supply question 30 what best describes social surplus? the sum of consumer surplus and producer surplus; consumer shortage; economic inefficiency; individual deficit
Answer
Brief Explanations:
- For the first question, a shift in supply occurs when a non - price economic factor changes the quantity supplied at each price level.
- For the second question, a shortage is defined as the quantity demanded exceeding the quantity supplied, also known as excess demand.
- For the third question, social surplus is the sum of consumer surplus and producer surplus.
Answer:
- Question 1: a change in some economic factor causes a different quantity to be supplied at every price
- Question 2: the quantity demanded exceeds the quantity supplied, also called excess demand
- Question 3: the sum of consumer surplus and producer surplus