-The Above Figure Shows the Market for Game Day T-Shirts

question 232

Multiple Choice

-The above figure shows the market for game day t-shirts.If the price of t-shirts is $12,then

• A) there is a shortage and the price of t-shirts will fall.
• B) there is a shortage and the price of t-shirts will rise.
• C) there is a surplus and the price of t-shirts will rise.
• D) there is a surplus and the price of t-shirts will fall.
• E) the market is in equilibrium.

---

Definitions:

Services Produced

Activities or benefits provided by businesses or individuals that are intangible and do not result in ownership of physical goods.

Net Exports Component

The value of a country's total exports minus its total imports, representing the external demand for its goods and services in the calculation of GDP.

U.S. GDP

The total monetary value of all goods and services produced within the United States’ borders in a specific time period.

Nominal U.S. GDP

The gross domestic product of the United States measured in current dollars, without adjusting for inflation.