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A Shortage Will Occur at Any Price Below Equilibrium Price

question 146

True/False

A shortage will occur at any price below equilibrium price and a surplus will occur at any price above equilibrium price.


Definitions:

Gas Pressure

The force exerted by gas molecules colliding with the surfaces of objects in a container, influenced by the temperature and volume of the gas.

Shield Volcano

A broad, domed volcano with gently sloping sides, built by the eruption of fluid, basaltic lava.

Scoria Cone

A small, steep-sided volcanic cone made of glassy lava fragments that have been ejected from a volcanic vent and solidified in the air.

Caldera

A sizable volcanic cavity, usually created by a significant eruption that causes the volcano's mouth to collapse.

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