Multiple Choice
When prices in a market are fixed either above or below the equilibrium price, what is the result?
A) When price is set above, there is a surplus; and when price is set below, there is a shortage.
B) When price is set above, there is a shortage; and when price is set below, there is a surplus.
C) When price is set above, there is a surplus; and when price is set below, there is a surplus.
D) When price is set above, there is a shortage; and when price is set below, there is a shortage.
Correct Answer:
Verified
Correct Answer:
Verified
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