1. If there is a shortage in the market, which of the following correctly explains the situation and solution? (3 marks)

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1. If there is a shortage in the market, which of the following correctly explains the situation and solution? (3 marks)

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1 If There Is A Shortage In The Market Which Of The Following Correctly Explains The Situation And Solution 3 Marks 1
1 If There Is A Shortage In The Market Which Of The Following Correctly Explains The Situation And Solution 3 Marks 1 (71.93 KiB) Viewed 68 times
1. If there is a shortage in the market, which of the following correctly explains the situation and solution? (3 marks) (a) The price is above the equilibrium, leading to demand exceeding supply, so the price must fall. (b) The price is below the equilibrlum, leading to demand exceeding supply, so the price must fall (c) The price is above the equilibrium, leading to demand exceeding supply, so the price must rise. (d) The price is below the equilibrium, leading to demand exceeding supply, so the price must rise.
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