When There Is a Shortage in a Market,prices Are Likely

question 116

Multiple Choice

When there is a shortage in a market,prices are likely to:

• A) Fall because buyers do not wish to buy as much as sellers want to sell.
• B) Rise because some buyers will offer to pay a higher price.
• C) Fall because sellers are likely to reduce their production if prices rise.
• D) Rise because the government will put a price ceiling in place.

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Definitions:

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A period in the United States history before the Civil War, characterized by tensions over slavery and rapid territorial expansion.

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