Microeconomic theory is based on supply and demand. Which of the following statements illustrates this?
A) The demand for nurses in public health is low, but the supply is high.
B) When few goods or services are available, the price tends to rise.
C) When supplies are low, nurses must find alternate resources.
D) In lesser-developed countries, the supplies are often delivered by technologically advanced countries.

Question

Quizplus · Accepted Answer

This statement directly relates to the basic principle of supply and demand where scarcity of a good or service results in higher prices, and vice versa.

Microeconomic Theory Is Based on Supply and Demand