a. a popular toy is sold out during the busy holiday season. Answers: 1 on a question: Which of the following is an example of scarcity, rather than shortage? A. TUTORIAL 2 – Solutions CHAPTER 4 (The Market Forces of Demand and Supply) 1. The demand for potatoes is greater than the amount of potatoes farmers can grow Which of the following would explain why a company would ship more of its products by truck when the price of diesel fuel decreases but park those same trucks as the fuel price increases? Explanation: If there is a shortage, there is not enough supply for the demand. b. you have spent your last penny and payday is a week away. Extremely hot temperatures lead to increased air-conditioner use and power outages In a cost/benefit analysis, what would be the benefit of taking the Dallas North Tollway instead of Routes 75 and 380? • No. A popular toy is sold out during the busy holiday season. ‘This shortage of funds means many schools will have to set deficit budgets for the coming year.’ ‘At the same time, millions of people are facing starvation because of food shortages.’ ‘During the Italian occupation, there was again a food shortage for about five years.’ Tap card to see definition . Which of the following is an example of using physical capital to save time and money? You have spent your last penny and payday is a week away. Asked 11/14/2013 8:56:09 AM. In everyday life, people use the word shortageto describe any situation in which a group of people cannot buy what they need. Which of the following is an example of scarcity rather than shortage? In any market, quantities supplied and quantities demanded will, If the market equilibrium wage for low-skilled labor is $4.50 per hour, and the minimum wage is set at $5.15, the result is, Rationing is a common form of distribution in a, Which of the following does NOT apply to a market system, It ensures that government intervention is always present, In a free market, if the minimum wage is set below the market equilibrium wage rate, quantity supplied and quantity demanded are not equal, Which of the following is an example of a shortage, Consumers cannot find enough of a popular new toy in stores, Which statement explains why prices rise in a market, when there is a greater supply of a good than people want or are able to buy, In a ____________, one organization decides the goods to be produced and sets the prices that can be charged, How are goods and resources distributed in a free market economy, In a rationing system, offering a landlord extra cash to guarantee the availability of an apartment is, considered to be doing business on the black market, Whenever the market is in disequilibrium and prices are flexible, market forces will, Which of the following is an example of spillover costs, People have to pay higher prices for items that are in short supply, quantity supplied and quantity demanded are equal, Which of the following is NOT an advantage of a price-based system, prices can easily be set by the government, When the actual price in a market is below the equilibrium price, you have, Driving to different stores to locate a product is an example of. 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