Questions: If price was not allowed to adjust, a shortage: would not persist, and the market would return to equilibrium quickly. would persist, and the market would not return to equilibrium. would become a surplus. would not persist, and the market would return to equilibrium slowly.

The answer is B: would persist, and the market would not return to equilibrium.

Explanation for each option:

A. "would not persist, and the market would return to equilibrium quickly."

• This option is incorrect because if the price is not allowed to adjust, the forces that typically drive the market back to equilibrium (such as changes in price) are not in play. Therefore, the shortage would not be resolved quickly.

B. "would persist, and the market would not return to equilibrium."

• This is the correct answer. When prices are not allowed to adjust, the shortage remains because the price mechanism, which balances supply and demand, is not functioning. Without price adjustments, the quantity demanded continues to exceed the quantity supplied, and the market does not reach equilibrium.

C. "would become a surplus."

• This option is incorrect. A shortage means that the quantity demanded exceeds the quantity supplied. For a surplus to occur, the opposite would need to happen (quantity supplied exceeds quantity demanded), which is not possible without a change in price.

D. "would not persist, and the market would return to equilibrium slowly."

• This option is incorrect because, similar to option A, it assumes that the market can return to equilibrium without price adjustments. However, without the price mechanism, the shortage would persist, and the market would not naturally move towards equilibrium.