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Which occurs during disequilibrium? Check all that apply.
Supply and demand meet.
Supply is less than demand.
Supply and demand set prices.
Supply is greater than demand.
Supply and demand set production.
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- Supply is less than demand.
- Supply is greater than demand.
Explanation: Disequilibrium means quantity supplied ≠ quantity demanded (a shortage or a surplus). When supply and demand "meet" or jointly determine output/price, that is equilibrium.
- Supply is greater than demand.
Explanation: Disequilibrium means quantity supplied ≠ quantity demanded (a shortage or a surplus). When supply and demand "meet" or jointly determine output/price, that is equilibrium.
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