(Figure: Supply and Demand for Shoes) If the Price of Shoes

question 277

Multiple Choice

(Figure: Supply and Demand for Shoes) If the price of shoes is $60, then we:

• A) are at equilibrium.
• B) have a shortage of shoes.
• C) have a surplus of shoes.
• D) There is not enough information to answer this question.

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Definitions:

Fiber-Optic

Referring to the technology of transmitting light through thin, flexible fibers of glass or plastic for telecommunications or lighting.

Dial-Up

A form of internet access that connects users to the internet through a telephone line.

Wireless

Refers to communications systems and devices that transmit data over distances without the use of wires or cables.

NIC

Stands for Network Interface Card; a hardware component that connects a computer to a network.