1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
saw5 [17]
3 years ago
13

What is the definition of shortage in economics

Business
1 answer:
gtnhenbr [62]3 years ago
7 0

Answer:

A shortage, in economic terms, is a condition where the quantity demanded is greater than the quantity supplied at the market price. There are three main causes of shortage—increase in demand, decrease in supply, and government intervention

You might be interested in
Suppose that a firm produces 10 units of output. Its Average Variable Cost (AVC) = $25, Average Fixed Cost (AFC) = $5, and Margi
Andreyy89

Answer:

Total Cost  = $300

Average Total Cost = $30  

correct option is a.) Total cost is $300

Explanation:

given data

produces output = 10 units

Marginal Cost = $30

Average Variable Cost = $25

Average Fixed Cost = $5

solution

first we get here total cost that is

Total Cost = Total Variable Cost + Total Fixed Cost    .................................1

so here Total Variable Cost = Average Variable Cost × Output    

Total Variable Cost = $25 ×  10

Total Variable Cost =  $250

and total fix cost is = Average Fixed Cost × Output

total fix cost = $5 × 10 =

total fix cost = $50

so Total Cost is here

Total Cost  = $250 + $50

Total Cost  = $300

A) is correct

and

Average Total Cost will be

Average Total Cost = \frac{total\ cost}{out\ put}    ...................2

Average Total Cost = \frac{300}{10} = $30

Average Total Cost = $30  

3 0
3 years ago
A company's Inventory balance at the end of the year was $204,200 and $218,000 at at the beginning of the year. Its Accounts Pay
dalvyx [7]

Answer:

$718,400

Explanation:

For computation of total amount of cash payments first we need to find out the decrease in merchandise, purchases and increases in accounts payable which is shown below:-

Decrease in merchandise = Balance at the beginning of the year - Balance at the end of the year

= $218,000 - $204,200

= $13,800

Purchases = Cost of goods sold - Decrease in merchandise

= $738,000 - $13,800

= $724,200

Increase in Accounts Payable = Accounts Payable balance at the end of the year - Accounts payable at the beginning of the year

= $102,000 - $96,200

= $5,800

Cash paid for merchandise = Purchases - Increase in Accounts Payable

= $724,200 - $5,800

= $718,400

6 0
2 years ago
Suppose a third firm enters the market. If they all don't cheat, then they split the profits three ways so that each firm gets 2
dmitriy555 [2]

Answer: Harder to sustain cooperation

Explanation:

When the number of firms in an oligopolistic market increases as is the case here, cooperation becomes harder because profits become smaller so companies start to become more selfish.

Also in this scenario, the cheating firm has the incentive to do so because the profit is so much higher than sharing so companies will always be looking to cheat in order to make this profit. The other firms would reply by reducing prices and all of them would suffer.

7 0
3 years ago
Capital budgeting is the process of analyzing: Group of answer choices Cash outflows only. Investments with certain outcomes onl
yanalaym [24]

Answer:

Long-term investments.

Explanation:

Capital budgeting can be regarded as process that is been utilized by business in determining the type proposed fixed asset purchases that need to be declined or should be accepted. This process helps in creating quantitative view as regards the proposed fixed asset investment, so that rational basis to make make a judgment can be surfaced. It should be noted that Capital budgeting is the process of analyzing Long-term investments.

6 0
2 years ago
If Antonio's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions de
kogti [31]

Answer and Explanation:

a) a demand curve  

7 0
3 years ago
Other questions:
  • Another view of leadership focuses on a continuum of behavior ranging from a type of leadership with a formal hierarchy and powe
    12·1 answer
  • What is justice? are we achieving it? and what are the costs of justice (cost/benefit analysis)? keep in mind, costs can be reco
    12·1 answer
  • Moss County Bank agrees to lend the Ivanhoe Company $365000 on January 1. Ivanhoe Company signs a $365000, 6%, 9-month note. The
    14·1 answer
  • The Containers Inc. experienced the following events during its first year of operations,
    7·1 answer
  • Consider the subschema of a receiving clerk. The receiving clerk needs sufficient rights in her logical view to perform her duti
    14·1 answer
  • Write a short report on ethical business dilemmas, and give examples of ethical dilemmas faced by businesses.
    15·1 answer
  • Home Remodeling Inc. recently obtained a short-term bank loan from City National Bank. The bank required that certain credit inf
    8·1 answer
  • PLEASE HELP!!
    5·1 answer
  • What is the main function of the federal deposit insurance corporation?.
    10·1 answer
  • Klaus, a German citizen and non-resident for US tax purposes, owns a small business in New York City that imports and sells acce
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!