Table 3.4.2

-Refer to Table 3.4.2. The table shows the demand and supply schedules for shampoo. If the price is $6 a bottle, there is a ________ of shampoo. So the price of a bottle of shampoo ________, the quantity demanded ________ and the quantity supplied ________. The market moves to equilibrium.

Question

Table 3.4.2
 
-Refer to Table 3.4.2. The table shows the demand and supply schedules for shampoo. If the price is $6 a bottle, there is a ________ of shampoo. So the price of a bottle of shampoo ________, the quantity demanded ________ and the quantity supplied ________. The market moves to equilibrium.

Quizplus · Accepted Answer

At a price of $6, there is a shortage of shampoo. To eliminate the shortage, the price must rise. As the price rises, quantity demanded decreases and quantity supplied increases. The market moves to equilibrium when quantity demanded equals quantity supplied.

Table 3.4.2 -Refer to Table 3.4.2. the Table Shows the Demand and Shows