If the price system is allowed to function without interference and a shortage occurs, quantity demanded will

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If the price system is allowed to function without interference and a shortage occurs, quantity demanded will __________ and quantity supplied will _____as the price rises to its equilibrium level.

a) rise, rise

b) fall, fall

c) rise, fall

d) fall, rise

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Microeconomics

ISBN: 9780077641542

11th Edition

Authors: Stephen Slavin

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Question Posted: Feb 29, 2024 07:00 AM

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If the price system is allowed to function without interference and a shortage occurs, quantity demanded will

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The correct answer is c rise fall Explanation Heres why each option is correct or incorrect a rise r...View the full answer

Microeconomics

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