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11 Dec 2019
If a shortage exists in a market, then we know that the actual price is:
Ā
(i) below the equilibrium price, and the quantity supplied is greater than quantity demanded.
(ii) below the equilibrium price, and the quantity demanded is greater than quantity supplied.
(iii) above the equilibrium price, and the quantity supplied is greater than quantity demanded.
(iv) above the equilibrium price, and the quantity demanded is greater than quantity supplied.
If a shortage exists in a market, then we know that the actual price is:
Ā
(i) below the equilibrium price, and the quantity supplied is greater than quantity demanded.
(ii) below the equilibrium price, and the quantity demanded is greater than quantity supplied.
(iii) above the equilibrium price, and the quantity supplied is greater than quantity demanded.
(iv) above the equilibrium price, and the quantity demanded is greater than quantity supplied.
yournotesbuddyLv10
18 Mar 2023
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Jeffrey
JD Candidate at Stanford Law School23 Apr 2020
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