Figure 3-6 -Refer to Figure 3-6. the Figure Above Represents the Market

question 295

Multiple Choice

Figure 3-6
-Refer to Figure 3-6. The figure above represents the market for coffee grinders. Assume that the market price is $21. Which of the following statements is true?

• A) There is a shortage that will cause the price to increase; quantity demanded will then decrease and quantity supplied will increase until the price equals $25.
• B) There is a shortage that will cause the price to increase; quantity supplied will then decrease and quantity demanded will increase until the price equals $25.
• C) There will be a shortage that will cause the price to increase; demand will then decrease and supply will increase until the price equals $25.
• D) There is a shortage that will cause the price to decrease; quantity demanded will then increase and quantity supplied will decrease until the price equals $25.

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