Asked by
Angel Jimenez
on Nov 04, 2024Verified
When there is a shortage of a product in an unregulated market, there is a tendency for
A) price to rise.
B) price to fall.
C) quantity demanded to increase.
D) quantity supplied to decrease.
Unregulated Market
A market where economic activities are freely carried out without governmental intervention in terms of prices, production, and distribution.
Shortage
A situation where the demand for a product or service exceeds the supply available at a specific price.
Product
Any good, service, or idea that can be offered to a market to satisfy a want or need.
- Understand the impact of market forces (supply and demand) on price and quantity in unregulated markets.
Verified Answer
AR
Learning Objectives
- Understand the impact of market forces (supply and demand) on price and quantity in unregulated markets.