If the newspapers report that there is a shortage of strawberries, it must mean that the current price of strawberries is below the equilibrium price.

Question

Quizplus · Accepted Answer

When there is a shortage of strawberries, it means the demand exceeds the supply at the current price, which typically occurs when the price is below the equilibrium level where supply equals demand.

If the Newspapers Report That There Is a Shortage of Strawberries