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A shoe factory sells a certain brand of shoes for $50 per pair. After a celebrity is seen wearing the shoes at an awards show,
A shoe factory sells a certain brand of shoes for $50 per pair. After a celebrity is seen wearing the shoes at an awards show, demand for the shoes goes up rapidly. As a result, the factory is able to increase the price to $300 per pair. According to the law of supply, what would you expect to happen next? A. The quantity of shoes supplied would greatly increase. O B. The substitution effect for the shoes would quickly decrease. C. The total demand for the shoes would quickly increase. D. The equilibrium price of the shoes would quickly decrease
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