Figure 4.3
-Figure 4.3 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $30, we would expect that:

Name: Figure 4.3 -Figure 4.3 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $30, we would expect that:
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Question

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If the actual price of blue jeans is $30 and it is below the equilibrium price, there will be excess demand (a shortage), causing the price to increase until the quantity demanded equals the quantity supplied.

Figure 4.3 -Figure 4.3 Illustrates the Supply and Demand for Blue Jeans