Rebecca left for the store hoping to benefit by Dr. Robert Murphy

Question 54 / 100: Rebecca left for the store hoping to benefit from a huge sale on a particular LCD TV.

However, by the time she arrived, a sales clerk informed her that the store had only stocked 10 of that particular TV, and that they sold out of them within twenty minutes.

And, of course, there are no rain checks. How should we describe this situation?

A glut

B shortage

C surplus

D equilibrium

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Lessons for the Young Economist MCQ

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Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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