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imagine that in the market for computer memory chips, the equilibrium price is $50 per chi

Suppose that in the market for computer memory chips, the equilibrium price is $50 per chip. If the current price is $55 per chip, then there will be ______________ of memory chips.

a. A shortage.

b. A surplus.

c. An equilibrium quantity.

d. None of the above.

6. Critically evaluate: “In comparing the two equilibrium positions in Figure 3.7b , I note that a smaller amount is actually demanded at a lower price. This refutes the law of demand.”

 

Dec 05 2019 Read more Less More

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