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The figure above represents the market for coffee grinders. Compare the conditions in the market when the price is $27 and when the price is
The figure above represents the market for coffee grinders. Compare the conditions in the market when the price is $27 and when the price is $50. Which of the following describes how the market differs at these prices? a. At each price there is a shortage, the shortage is greater at $27 than at $50 b. The difference between quantity supplied and quantity demanded is greater at $27 than at $50 c. At each price there is a surplus, the surplus is greater at $50 than at $27 d. Firms will raise the equilibrium price to eliminate the surplus
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