What is the difference between a shortage and scarcity? a. a shortage will exist when a good is scarce. b. scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level. c. scarcity is a result of two or more alternative uses and will always exist, and quantities of supply and demand adjusting to flexible prices will create shortages. d. there is no distinction between the two. they are the same thing?

Ben collins plans to buy a house for $166,000. if the real estate in his area is expected to increase in value by 2 percent each year, what will its approximate value be five years from now?

You are an employee of an u.s. firm that produces personal computers in thailand and then exports them to the united states and other countries for sale. the personal computers were originally produced in thailand to take advantage of relatively low labor costs and a skilled workforce. other possible locations considered at that time were malaysia and hong kong. the u.s. government decides to impose punitive 100% ad valorem tariffs on imports of computers from thailand to punish the country for administrative trade barriers that restrict u.s. exports to thailand. how do you think your firm should respond? what does this tell you about the use of targeted trade barriers?

What is a sort of auction for stocks in which traders verbally submit their offers?