Multiple Choice
Why does a shortage that occurs under a binding price ceiling decrease over time?
A) Demand becomes more elastic.
B) Demand becomes more inelastic.
C) Demand and supply both become more elastic.
D) Demand and supply both become more inelastic.
E) Demand becomes more elastic, but supply becomes more inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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