In response to a shortage,the market price of a good will rise.As the price rises,the demand will decrease and supply will increase until equilibrium is reached.
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Q141: Figure 3-5 Q142: If the demand for letters written by Q143: A surplus is defined as the situation Q145: What is a surplus? What is a Q146: Which of the following describes a characteristic Q147: Even when the demand for one good Q148: Figure 3-6 Q149: If the quantity demanded for a product
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