QUESTION 3
Shortages in economic markets are inefficient because:
a. ?demanders are willing to pay more for the good, but suppliers are unwilling to supply any more of the good even at higher prices.
b. ?they lead to increases in quality over and above what would be present in an uncontrolled market.
c. ?consumers’ willingness to pay is less than the controlled price.
d. ?time spent waiting in line is wasted time and hence a wasted resource.
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