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Economics · Oct / Nov 2024 · Paper 12 · Question 4

2281Price changes

A period of bad weather leads to a failure of the rice crop. What is the effect on the market for rice?

  1. Aa shortage of rice and a fall in its price
  2. Ba shortage of rice and a rise in its price
  3. Ca surplus of rice and a fall in its price
  4. Da surplus of rice and a rise in its price

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Correct answer: B. a shortage of rice and a rise in its price

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