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Consider the bond market illustrated in the gure below. If the current market price is lower than P1, which of the following statements is true? Price Q1 Quantity a. There is a shortage of bonds in the market, and the market price will increase. b. There is a surplus of bonds in the market, and the market price will fall toward P1. c. There is a surplus of bonds in the market, and the market price will increase. 0000 d. There is a shortage of bonds in the market, and the market price will fall toward P1