If we observe the price of a good in a competitive market rising, then we can conclude that there had been a shortage in the market.

Name: If we observe the price of a good in a competitive market rising, then we can conclude that there had been a shortage in the market.
Brand: Quizplus
Rating: 4.8 (60 reviews)

Question

Quizplus · Accepted Answer

In a competitive market, a rising price often indicates a shortage, as demand exceeds supply, prompting prices to increase to restore equilibrium.

If We Observe the Price of a Good in a Competitive