If the quantity supplied of a product is less than the quantity demanded, then:
a. The product is a normal good
b. There is a shortage of the product
c. There is a surplus of the product
d. The product is an inferior good
Answer: B
If the quantity supplied of a product is less than the quantity demanded, then:
a. The product is a normal good
b. There is a shortage of the product
c. There is a surplus of the product
d. The product is an inferior good
Answer: B