Multiple Choice
If there is a shortage in a free market, then
A) consumers will offer to pay a lower price for the good, and the price will fall toward the equilibrium level.
B) consumers will offer to pay a higher price for the good, and the price will rise toward the equilibrium level.
C) suppliers will decrease their output to match demand.
D) suppliers will accept any price below equilibrium.
Correct Answer:
Verified
Correct Answer:
Verified
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