If a market begins in equilibrium and then the supply curve shifts leftward, at the original equilibrium price, a OA. surplus is created, and it will be eliminated by the demand curve shifting rightward. OB. surplus is created, and it will be eliminated by a rise in price. OC. shortage is created, and it will be eliminated by the demand curve shifting further to the left. OD. shortage is created, and it will be eliminated by a rise in price. O E. surplus is created, and it will be eliminated by a fall in price. OF. shortage is created, and it will be eliminated by the supply curve shifting rightward. OG. shortage is created, and it will be eliminated by a fall in price. OH. surplus is created, and it will be eliminated by the supply curve shifting leftward.
If a market begins in equilibrium and then the supply curve shifts leftward, at the original equilibrium price, a OA. surplus is created, and it will be eliminated by the demand curve shifting rightward. OB. surplus is created, and it will be eliminated by a rise in price. OC. shortage is created, and it will be eliminated by the demand curve shifting further to the left. OD. shortage is created, and it will be eliminated by a rise in price. O E. surplus is created, and it will be eliminated by a fall in price. OF. shortage is created, and it will be eliminated by the supply curve shifting rightward. OG. shortage is created, and it will be eliminated by a fall in price. OH. surplus is created, and it will be eliminated by the supply curve shifting leftward.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 24P
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