Question: 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

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.

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