shortages and scarcity are the same thing. a. true b. false a shortage occurs when quantity demanded is…

shortages and scarcity are the same thing. a. true b. false a shortage occurs when quantity demanded is ______ than quantity supplied at a price ______ the market - clearing price. a. greater; above b. less; above c. greater; below d. less; below

shortages and scarcity are the same thing. a. true b. false a shortage occurs when quantity demanded is ______ than quantity supplied at a price ______ the market - clearing price. a. greater; above b. less; above c. greater; below d. less; below

Answer

Brief Explanations:

Shortages occur when quantity demanded exceeds quantity supplied. This happens at a price below the market - clearing price. Scarcity is a fundamental economic problem of limited resources relative to unlimited wants, different from a shortage which is a market - specific imbalance.

Answer:

  1. B. False
  2. A. greater; below