Figure 4-3 Price $20- 18 16- 14 12 10 10 8 6 4 2- S 0 10 20 30 40 50 60 70 80 90 100 Quantity Refer to the Figure 4-3. If the price in this market is currently $12, what would happen? a. There would be a shortage of 20 units so producers would increase production. b. There would be a surplus of 20 units and the price would tend to fall. C. There would be a shortage of 20 units so producers would increase production. d. There would be a surplus of 40 units and the price would tend to fall. Table 4-3 Price of the Good Sophie Henry Neve Smith $0.00 22 18 10 8 0.50 20 14 6 6 1.00 16 12 2 5 1.50 14 10 0 4 2.00 8 0 2 2.50 2 6 0 0 Refer to the Table 4-3. What happens if the price decreases from $1.50 to $1.00? a. The market demand increases by 35 units. b. The quantity demanded in the market decreases by 2 units. C. Individual demands will increase. d. The quantity demanded in the market increases by 7 units. Table 4-3 Price of the Good Sophie Henry Neve Smith $0.00 22 18 10 8 0.50 20 14 6 6 1.00 16 12 2 5 1.50 14 10 0 4 2.00 8 8 0 2 2.50 2 6 0 0 Refer to the Table 4-3. When the price of the good is $1.50, what is the quantity demanded in this market? a. 18 units b. 28 units C. 35 units d. 46 units Table 6-2