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SAT® Subject Test in World History

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Difficult

Industrial Economics

SATWH-1P1NVS

When the quantity of any commodity which is brought to market falls short of the effectual demand, all those who are willing to pay the whole value of the rent, wages, and profit, which must be paid in order to bring it thither, cannot be supplied with the quantity which they want. Rather than want it altogether, some of them will be willing to give more. A competition will immediately begin among them, and the market price will rise more or less above the natural price, according as either the greatness of the deficiency, or the wealth and wanton luxury of the competitors, happen to animate more or less the eagerness of the competition.

This passage was likely written by

A

A. David Ricardo.

B

Thomas Malthus.

C

John D. Rockefeller.

D

Andrew Carnegie.

E

Adam Smith.