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Use the graph to answer the question that follows A shortage will exist in this market whenever price is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Use the graph to answer the question that follows

A shortage will exist in this market whenever price is

above P3

below P2

above P2

equal to P3

indeterminate

Supply
A
P1
B
I E
P2
C
F
P3
D
Demand
Quantity
(units)
Q1
Q2
Q3
Price

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