In the Above Graph, Q_S and Q_D Represent the Supply

question 14

Multiple Choice

In the above graph, Q_S and Q_D represent the supply and the demand curves respectively in the market for train tickets. Refer to the graph to answer the question.
Suppose price of a ticket is reduced to £15. Which of the following is likely to happen?

• A) The supply curve will become less inelastic as the price falls.
• B) The number of tickets sold will be equal to 250.
• C) The demand curve will become vertical.
• D) The buyers in the market will face a shortage of 50 tickets.

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