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Figure 4-8 -Refer to Figure 4-8.If Price in This Market Is Currently

Question 182

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Figure 4-8
Figure 4-8 -Refer to Figure 4-8.If price in this market is currently $14,there would be a A) shortage of 20 units and the law of demand predicts that the price will rise from $14 to a higher price. B) excess supply of 20 units and the law of supply and demand predicts that the price will fall from $14 to a lower price. C) shortage of 40 units and the law of supply predicts that the price will fall from $14 to a lower price. D) surplus of 40 units and the law of supply and demand predicts that the price will fall from $14 to a lower price.
-Refer to Figure 4-8.If price in this market is currently $14,there would be a


A) shortage of 20 units and the law of demand predicts that the price will rise from $14 to a higher price.
B) excess supply of 20 units and the law of supply and demand predicts that the price will fall from $14 to a lower price.
C) shortage of 40 units and the law of supply predicts that the price will fall from $14 to a lower price.
D) surplus of 40 units and the law of supply and demand predicts that the price will fall from $14 to a lower price.

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