11764
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Determining Market Price

Question 11764 • (Galli)WCA 2221 Civics/Economics 1st nine weeks 26-27

[___] The price of a product has dropped greatly, and store owners do not have enough of the item to meet demand.

Answer
A
equilibrium
B
shortage
C
surplus

Explanation

A shortage happens when buyers want more of a product than sellers have available. Here, the stores do not have enough of the item to meet demand, so the situation is a shortage. A surplus would mean stores had more of the product than customers wanted.

AI-written and checked against the verified answer.

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