Which of the following will occur due to a shortage of textbooks?

Name: Which of the following will occur due to a shortage of textbooks?
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Question

Quizplus · Accepted Answer

A shortage of textbooks means there is an excess demand for them, which leads to an increase in price as suppliers can charge higher prices due to the scarcity. This is reflected in the law of supply and demand, where prices increase when demand exceeds supply. Therefore, an increase in the price of textbooks is the most likely outcome of a shortage.

Which of the Following Will Occur Due to a Shortage