Figure 3-6
-Refer to Figure 3-6.The figure above represents the market for coffee grinders.Assume that the market price is $21.Which of the following statement is true?

Question

Figure 3-6 
-Refer to Figure 3-6.The figure above represents the market for coffee grinders.Assume that the market price is $21.Which of the following statement is true?

Quizplus · Accepted Answer

In a market, when the current price is below the equilibrium price, there is a shortage because the quantity demanded exceeds the quantity supplied. This shortage puts upward pressure on the price. As the price increases, the quantity demanded will decrease, and the quantity supplied will increase until the market reaches equilibrium, where supply equals demand. This is consistent with choice A's description.

Figure 3-6 -Refer to Figure 3-6.The Figure Above Represents the Market for the Market