O-LevelEconomicsThe allocation of resources2281/12 · May/June 2025 · Q71 Mark
The diagram shows the market for ice cream and the effects of very hot weather. [Figure 7.1] If prices had remained at P₁ even during the hot weather, what was likely to have happened in the market for ice cream?
This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.
Aequilibrium
Bexcess supply
Crising profits
Dshortage
✓ Correct answer
D: shortage
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