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.”
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