Question: a price below the equilibrium level will cause a small shortage when demand is ________________ and supply is ______________. 1. perfectly inelastic; elastic 2.elastic; elastic

a price below the equilibrium level will cause a small shortage when demand is ________________ and supply is ______________.

1. perfectly inelastic; elastic

2.elastic; elastic

3.elastic; inelastic

4.inelastic: inelastic

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