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Economics (AS & A Level) · May / June 2025 · Paper 11 · Question 13

9708Methods and effects of government intervention in markets

A ......1...... price set below the market equilibrium will cause a ......2...... of the product, and a ......3...... price set above the market equilibrium will cause a ......4...... of the product. Which words complete gaps 1, 2, 3 and 4?

  1. Amaximum, shortage, minimum, surplus
  2. Bmaximum, surplus, minimum, shortage
  3. Cminimum, shortage, maximum, surplus
  4. Dminimum, surplus, maximum, shortage

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Correct answer: A. maximum, shortage, minimum, surplus

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