Economics 9708 · AS & A Level · Maximum and minimum prices

Maximum and minimum prices — practice question

A 1 price set below the market equilibrium will lead to a 2 of the product, while a 3 price set above the market equilibrium will lead to a 4 of the product. Which words complete gaps 1, 2, 3 and 4?

  • Asurplus; minimum; shortage; maximum
  • Bshortage; minimum; surplus; maximum
  • Csurplus; maximum; shortage; minimum
  • Dshortage; maximum; surplus; minimum

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