-Refer to the graph above to answer this question.What is the effect if the price is $1,000.
A)There is neither a shortage nor a surplus.
B)Price will rise.
C)Price will fall.
D)The quantity traded is 100.

Question

-Refer to the graph above to answer this question.What is the effect if the price is $1,000.
A)There is neither a shortage nor a surplus. 
B)Price will rise. 
C)Price will fall. 
D)The quantity traded is 100.

Quizplus · Accepted Answer

At a price of $1,000, the quantity supplied is equal to the quantity demanded, so there is neither a shortage nor a surplus.

-Refer to the Graph Above to Answer This Question