An auction is being held to sell one vintage automobile. Two hundred potential buyers arrive to place bids on the auto. At the start of the auction, a _____ exists, and there is pressure on the price to _____.

Question

Quizplus · Accepted Answer

With 200 potential buyers and only one vintage automobile, a shortage exists because the demand (potential buyers) exceeds the supply (one automobile). This situation typically puts upward pressure on the price as buyers compete to purchase the item.

An Auction Is Being Held to Sell One Vintage Automobile