What is a sudden shortage of goods called? a. Rationing c. Spillover Costs b. Supply Shock d. Price Ceiling

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A sudden shortage of goods is called Supply Shock.

alfred123|Points 6520|

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Asked 1/21/2014 4:25:33 PM

Updated 6/6/2015 3:38:47 AM

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Edited by selymi [6/6/2015 3:38:44 AM], Confirmed by selymi [6/6/2015 3:38:47 AM]

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Consumers' willingness to replace a costly item with a less costly item is an example of

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Question

Updated 11/8/2014 10:25:22 AM

1 Answer/Comment

emdjay23

Consumers' willingness to replace a costly item with a less costly item is an example of: the substitution effect.

Added 11/8/2014 10:25:22 AM

This answer has been confirmed as correct and helpful.

Confirmed by sujaysen [11/8/2014 11:16:11 AM]

When a customer's need for a product is not urgent, demand tends to be

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Updated 5/9/2016 5:26:13 PM

1 Answer/Comment

emdjay23

When a customer's need for a product is not urgent, demand tends to be elastic.

Added 5/9/2016 5:26:13 PM

This answer has been confirmed as correct and helpful.

Confirmed by yumdrea [5/9/2016 6:40:56 PM]

A product that costs a large portion of an individual s income and is not required for survival is best described as? a. elastic b. inelastic c. unit elastic demand d. supply elastic

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Updated 12/12/2016 6:29:42 AM

1 Answer/Comment

Janet17

A product that costs a large portion of an individual s income and is not required for survival is best described as: elastic.

Added 12/12/2016 6:29:42 AM

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Please select the best answer from the choices provided A situation in which quantity demanded is greater than quantity supplied best describes a. excess supply. b. shortage. c. equilibrium of demand. d. surplus.

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Updated 1/31/2017 11:14:54 PM

1 Answer/Comment

jerry06

A situation in which quantity demanded is greater than quantity supplied best describes shortage.

Added 1/31/2017 11:14:54 PM

This answer has been confirmed as correct and helpful.

Confirmed by Andrew. [2/1/2017 2:37:32 AM]

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