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Figure 4-8 -Refer to Figure 4-8.If There Is Currently a Shortage of Currently

Question 185

Multiple Choice

Figure 4-8
Figure 4-8 -Refer to Figure 4-8.If there is currently a shortage of 30 units of the good,then A) the law of demand predicts that the price will rise by $5 to eliminate the shortage. B) the law of supply predicts that the price will rise by $5 to eliminate the shortage. C) the law of supply and demand predicts that the price will rise by $3 to eliminate the shortage. D) the law of supply and demand predicts that the price will fall from its current level by an indeterminate amount, exacerbating the shortage.
-Refer to Figure 4-8.If there is currently a shortage of 30 units of the good,then


A) the law of demand predicts that the price will rise by $5 to eliminate the shortage.
B) the law of supply predicts that the price will rise by $5 to eliminate the shortage.
C) the law of supply and demand predicts that the price will rise by $3 to eliminate the shortage.
D) the law of supply and demand predicts that the price will fall from its current level by an indeterminate amount, exacerbating the shortage.

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