Figure 3-2
-According to Figure 3-2,a shortage will occur at any price for which

Question

Figure 3-2 
-According to Figure 3-2,a shortage will occur at any price for which

Quizplus · Accepted Answer

In Figure 3-2, the point at which the demand and supply curves intersect is the equilibrium point, where quantity demanded equals quantity supplied. Any price above this point would result in quantity supplied exceeding quantity demanded, indicating a surplus. Conversely, any price below this point would result in quantity demanded exceeding quantity supplied, indicating a shortage. Therefore, a shortage will occur at any price for which quantity demanded exceeds quantity supplied, which is represented by choice C.

Figure 3-2 -According to Figure 3-2,a Shortage Will Occur at Any Price