5. Questions and Problems's Identify the error in the following statement: "The price of T-shirts keeps rising, and people keep buying more and more. T-shirts must have an upward-sloping demand curve." of the supply of T-shirts keeps decreasing the price will rise, and people will buy more T-shirts If the demand for T-shirts keeps increasing the price will rise, and more shirts will be bought at the higher price than the lower price (assuming the supply curve of T-shirts is upward sloping). There is nothing that explains the phenomenon other than an upward-sloping demand curve. If the demand for T-shirts increases while the supply decreases by more, then the price of T-shirts will rise and more T-shirts will be bought and sold