Asked by
Madison Grayum
on Oct 13, 2024
Verified
It is necessary to ration a good whenever ___________ exists.
A) a surplus
B) excess demand
C) excess supply
D) None of these choices are correct.
Ration
The controlled distribution of scarce resources, goods, or services, often during shortages or in wartime.
Surplus
The situation in which the quantity supplied of a product exceeds the quantity demanded at a given price.
Excess Demand
A situation where the quantity demanded of a product exceeds the quantity supplied at a given price, often leading to price increases.
- Identify the differences between the ideas of excess demand and excess supply.
Verified Answer
MR
Learning Objectives
- Identify the differences between the ideas of excess demand and excess supply.