1. If the electronics market is experiencing a shortage in the supply of mobile phones being sold at a cost that buyers are more than willing to pay for, then:
a, the selling price is higher than the equilibrium price
b. the equilibrium price is higher than the selling price,
c. the quantity demanded is less than the quantity supplied,
d. the shortage could be eliminated by lowering the price,
(0/1 Point)

b.

Explanation:

If buyers are more than willing to pay for this good despite the high price then that means that price should be no problem with this good. This means that the selling price is not higher than the equilibrium price because the buyers are more than willing to pay, so a. is wrong. The quantity demanded is as stated in the question much higher than the quantity supplied, so c. is wrong. And finally d., the shortage could be eliminated by lowering the price. As stated for answer a., the price is no problem in this situation because the sell price is lower than the equilibrium price.

answer(d) all of the choices are correct;