If there exists a shortage in the market for snowmobiles, then the price of a snowmobile will

Name: If there exists a shortage in the market for snowmobiles, then the price of a snowmobile will
Brand: Quizplus
Rating: 4.9 (50 reviews)

Question

Quizplus · Accepted Answer

If there is a shortage in the market for snowmobiles, it means that there is more demand for snowmobiles than the available supply. This will lead to an increase in the price of a snowmobile due to the competition among buyers. Therefore, the correct answer is B - the price will rise.

If There Exists a Shortage in the Market for Snowmobiles