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Economics · May / June 2025 · Paper 12 · Question 7

2281Price determination

The diagram shows the market for ice cream and the effects of very hot weather. If prices had remained at P1 even during the hot weather, what was likely to have happened in the market for ice cream?

  1. Aequilibrium
  2. Bexcess supply
  3. Crising profits
  4. Dshortage

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Correct answer: D. shortage

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