Figure 38 Alt Text for Figure 3

question 126

Multiple Choice

Figure 3.8 Alt text for Figure 3.8: In figure 3.8, a graph plotting intersecting supply and demand curves represents the market for canvas tote bags.
Long description for Figure 3.8: The x-axis is labelled, Quantity, with the values 0, 10, 20, 50, 75, and 100 marked.The y-axis is labelled, Price, with the values 0, 15, 25, and 50 dollars marked.Curve D is a straight line which slopes down from the top left corner to the bottom right corner.Curve S is a straight line which begins in the bottom left corner and slopes up to the top right corner.The equilibrium of the 2 curves is (50,25) .The point plotted on curve S to the left of equilibrium is (20,15) .The point plotted on curve D to the right of point of equilibrium is (75,15) .The point plotted to the right of equilibrium on curve S is (100,50) .The point plotted to the right of the equilibrium on curve D is (10,50) .
-Refer to Figure 3.8.The figure above represents the market for canvas tote bags.Assume that the price of tote bags is $15.At this price,

• A)the quantity demanded exceeds the quantity supplied of tote bags by 75.The price will eventually rise to $25 where quantity demanded will equal quantity supplied.
• B)the demand exceeds the supply of tote bags by 55.Some consumers will have an incentive to offer to buy tote bags at a higher price.
• C)there is a shortage, equal to 55 tote bags, that will be eliminated when the price rises to $25.
• D)there is a shortage equal to 55 tote bags; the price of tote bags will rise until demand is equal to supply.

---

Definitions:

Emancipation Proclamation

A presidential decree issued by Abraham Lincoln on January 1, 1863, that declared the freedom of all enslaved people in Confederate-held territory during the American Civil War.

Freed Slaves

Individuals who were emancipated from slavery, either through legal means, such as the abolition of slavery, or through escape.

Federal Government

The national government of a federation which has specific responsibilities defined by a constitution, distinct from regional or state governments within the federation.

Confederate Congressional Elections

Elections held within the Confederate States of America during the Civil War to elect representatives to their Congress, reflecting the political dynamics and nationalism of the Confederacy.