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Consumers who are willing and able to purchase a product or service create an economic situation referred to as which of the following?
demand
What if the following describes a situation in which there would be a decreasing marginal utility?
Buying a second winter coat.
Which describes a situation where competition between producers exist?
two or more producers are trying to sell the same good or service to the same consumers
What accurately describes a situation in which consumers have inelastic demand?
People cannot quit drinking coffee even though they want to cut down on caffeine intake.
Which of the following accurately describes the effect of a situation of scarcity?
Theres a shortage of oil, pushing car companies into researching alternative fuels
Which of the following describes a situation in which government spending exceeds its revenue?
budget deficit
Consumers who are willing and able to purchase a product or service create an economic situation referred to as which of the following?
demand
Which of the following describes a situation in which a shortage occurs?
A shortage occurs when the quantity demanded for a good or service exceeds the quantity supplied at a given price, leading to a situation where not all consumers are able to purchase the product they desire. This can result in price increases as sellers try to balance the demand and supply.
What if the following describes a situation in which there would be a decreasing marginal utility?
Buying a second winter coat.
Which describes a situation where competition between producers exist?
two or more producers are trying to sell the same good or service to the same consumers
Which of the following describes a situation where the goal of security is being pursued?
The government establishes a retirement program for its citizens.
Which of the following terms describes a situation in which a single corporation lacks competition and controls the market for a certain product?
monopoly
What accurately describes a situation in which consumers have inelastic demand?
People cannot quit drinking coffee even though they want to cut down on caffeine intake.
Which of the following describes a situation in which a president negotiates a deal directly between the executive branch and a foreign government?
an executive agreement
Which of the following accurately describes the effect of a situation of scarcity?
Theres a shortage of oil, pushing car companies into researching alternative fuels
Which of the following terms describes a situation in which the issues that divide the political parties change in a way that cuts across existing political coalitions?
a realignment
Which of the following describes a situation in which a president uses the media attention given to the president's office to build support for policy proposals?
going public
