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As a market with a shortage adjusts towards equilibrium:
O Government purchases decrease.
O Producers increase output and raise price.
O Consumers increase demand for the product.
O Producers reduce quantity supply.

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Final answer:

Explanation of how a market with a shortage adjusts towards equilibrium by increasing quantity supplied and decreasing quantity demanded to reach equilibrium price.


Explanation:

In the face of a shortage, sellers tend to raise prices, leading to an increase in quantity supplied and a decrease in quantity demanded, eventually reaching equilibrium price.


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