-The above figure shows the market for game day t-shirts.If the price of t-shirts is $8,then
A) the market is in equilibrium.
B) there is a surplus and the price of t-shirts will rise.
C) the quantity demanded is greater than quantity supplied.
D) there is a shortage and the price of t-shirts will fall.
E) there is a surplus and the price of t-shirts will fall.

Question

-The above figure shows the market for game day t-shirts.If the price of t-shirts is $8,then
A) the market is in equilibrium. 
B) there is a surplus and the price of t-shirts will rise. 
C) the quantity demanded is greater than quantity supplied. 
D) there is a shortage and the price of t-shirts will fall. 
E) there is a surplus and the price of t-shirts will fall.

Quizplus · Accepted Answer

If the price of t-shirts is $8 and it is below the equilibrium price, the quantity demanded will be greater than the quantity supplied, leading to a shortage.

-The Above Figure Shows the Market for Game Day T-Shirts