Use the Table Below to Answer the Following Questions

question 170

Multiple Choice

Use the table below to answer the following questions.
Table 3.5.3
Demand and supply schedules for designer sport t-shirts at CoolU

-Refer to Table 3.5.3.Suppose that the price of a designer sport t-shirt is $10.The market has ________ leading to ________.

• A)an equilibrium;no change in the price
• B)a shortage;a fall in the price
• C)a shortage;a rise in the price
• D)a surplus;a fall in the price
• E)a surplus;a rise in the price

---

Definitions:

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Time is of the Essence

A contractual clause indicating that the timing of certain actions or tasks is critical and failure to perform them on time constitutes a breach of contract.

Reasonable Period

An amount of time which is fairly or sensibly expected under the circumstances for a specific action or response.

Condition

A specific requirement or stipulation in an agreement or contract that must be met for the full agreement to be binding and effective.