The above figure shows the market for game day t-shirts. If the price of t-shirts is $10, then
A) there is a surplus and the price of t-shirts will fall.
B) there is a shortage and the price of t-shirts will fall.
C) there is a shortage and the price of t-shirts will rise.
D) there is a surplus and the price of t-shirts will rise.
E) the market is in equilibrium.
E
You might also like to view...
The Federal Trade Commission (FTC) is a regulatory agency that is responsible for preventing firms from engaging in misleading advertising. This type of regulation is known as
A) the Federal Register. B) social regulation. C) the market share test. D) economic regulation.
A monopoly firm
A. has a short-run supply curve that slopes upward. B. is a price taker. C. does not have a supply curve. D. is at the mercy of the market-determined price.
In a market system, prices are used to coordinate economic activity
a. True b. False Indicate whether the statement is true or false
Which of the following is true?
A) An outstanding credit card balance is an asset that adds to your personal wealth. B) Interest rates charged by credit card companies are generally high because the loans are unsecured. C) The power of compound interest benefits those with outstanding credit card balances. D) An unused balance on your credit card is like money in the bank.