The above figure shows the market for game day t-shirts. If the price of t-shirts is $12, then
A) the market is in equilibrium.
B) there is a surplus and the price of t-shirts will fall.
C) there is a shortage and the price of t-shirts will fall.
D) there is a shortage and the price of t-shirts will rise.
E) there is a surplus and the price of t-shirts will rise.
B
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When real GDP is less than potential GDP, there is ________ which leads the unemployment rate to ________
A) a recessionary gap; rise B) a recessionary gap; decline C) an inflationary gap; rise D) an inflationary gap; remain at the natural level E) a recessionary gap; remain at the natural level
Antitrust law is the law that regulates ________ and prevents them from becoming ________
A) oligopolies; monopolies B) monopolies; oligopolies C) monopolistically competitive firms; oligopolies D) oligopolies; monopolistically competitive firms