What is the term used to describe the situation where the price of a good or service increases as its quantity demanded exceeds its quantity supplied? a) Equilibrium b) Surplus c) Shortage d) Elasticity

What is the term used to describe the situation where the price of a good or service increases as its quantity demanded exceeds its quantity supplied? a) Equilibrium b) Surplus c) Shortage d) Elasticity

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section: Chapter Questions

Problem 4WNG

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Question

What is the term used to describe the situation where the price of a good or service increases as its quantity demanded exceeds its quantity supplied? a) Equilibrium

b) Surplus

c) Shortage

d) Elasticity

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