Assume That the Price for a Pair of Shoes Has

question 58

Multiple Choice

Assume that the price for a pair of shoes has been set at $40. The demand for a pair of shoes is given by and the supply for the same pair of shoes is . In both cases p is price per pair and q is the quantity produced or sold. Compare the quantity demanded and the quantity supplied. Will there be a surplus or shortfall at this price? ​

• A)There will be a shortfall.
• B)There will be a surplus.

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Definitions:

Differentiation

The process by which cells or aspects of an organism change during development to serve specific functions.

Canalization

A concept in developmental biology referring to the ability of an organism to produce the same phenotype regardless of variability of its environment or genotype.

Visual Cliff

An experimental apparatus used to study infants' and young animals' perception of depth and their ability to understand visual cues related to depth.

Depth Perception

The visual ability to perceive the world in three dimensions and to judge the distance of objects.