Question: 1) can there be a growing scarcity without a growing shortage? can there be a growing shortage without a growing scarcity? explain with example. 2)

1) can there be a growing scarcity without a growing shortage? can there be a growing shortage without a growing scarcity? explain with example.

2) can there be surplus food in a society where people are hungry?

3) which of the following are (or are not) affected by price controls:

a. quantity supply

b. quantity demand

c. quantity of good/ services

d. an underground / illegal market for a good /service

e. hoarding of good / service

4) why are price controls more likely to cause a shortage of gasoline compared to strawberries.

remarks:

1) make sure you've read the quote by Henry Hazlitt on p .37. Also be able to differentiate between price floor & price ceilings. Understand the role of politicians (politics in general) when comes to rent control.

2) reference is BASIC ECONOMICS BY THOMAS SOWELL (Fifth Edition)

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