Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, we would expect that
A) supply will increase until quantity demanded equals quantity supplied.
B) price will increase until quantity demanded equals quantity supplied.
C) demand will decrease until quantity demanded equals quantity supplied.
D) there will be no change in the price since the market is in equilibrium.
B
Economics
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Explain in detail how a decrease in consumer demand for a product will result in less of the product being produced and in fewer resources being allocated to its production
Please provide the best answer for the statement.
Economics
The gross domestic product for the above economy is:
A. $100.
B. $95.
C. $110.
D. $107.
Economics