Multiple Choice
If a shortage exists in a market, what do we know?
A) The actual price is below equilibrium price, and quantity demanded is greater than quantity supplied.
B) The actual price is above equilibrium price, and quantity demanded is greater than quantity supplied.
C) The actual price is above equilibrium price, and quantity supplied is greater than quantity demanded.
D) The actual price is below equilibrium price, and quantity supplied is greater than quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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