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Which of the following is an example of a shortage?


the price of oil going up because more people are driving cars


the price of grain going down when supplies are scarce


having a sale on soda because there are too many cases on the shelf


not having enough of one brand of soda in the store because of a sale

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Answer:

The correct answer here is, indeed, the last one: Not having enough of one brand of soda in the store because of a sale.

Explanation:

The explanation for this answer comes from the definition of what an economic shortage is, and how it happens. In essence, an economic shortage is defined as the lack, or deficiency, in the provision of a specific product, or service, by a seller because of the high demand of said product, which he/she cannot  meet. These shortages can happen particularly during sales, because prices go down, demand is up, but the providers of the good cannot, or will not, meet the demand. In this case, the lack of a soda brand comes from a sale, which means that the price of the soda was down, and therefore, the demand went up, but the store did not have enough sodas in stock to meet the demand. This is why the correct answer is the last one.

The correct option is (D) not having enough of one brand of soda in the store because of a sale.

Further Explanation:

In economic terms, a shortage is referred to as a condition when the “quantity demanded” is more than the “quantity supplied” at the “market price”. There are “three main causes” of shortage, which are as follows:

  1. Increase in demand
  2. Decrease in supply
  3. Government intervention

One should not confuse shortage with “scarcity”, which is one of the major problems of economics. It is the easiest way to differentiate between ‘scarcity’ and ‘shortage’ is that “scarcity” is a naturally occurring drawback on the resources that can’t be replenished. A “shortage” is a condition of the market of a “particular good” at a “particular price”. Over a period of time, goods will be replenished so the problems and conditions of shortage will be resolved.

Learn More:

1. Though the outcomes of Schenck and New York Times differed, what did these decisions have in common? The government has a heavy burden to prove harm. The government can limit speech that causes harm. The government has unlimited power to limit speech. The government must follow the first amendment.

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2. how did California differ from the united states in terms of interactions of whites and natives

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Answer Details:

Grade: High School

Chapter: Shortage  

Subject: Social Studies

 

Keywords:

shortage, market price, scarcity, resources, government, demand, market price, supply

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