If the current price of a good is less than the equilibrium price, there will be O A. a shortage of the good and its price will decrease. O B. a surplus of the good and its price will increase. O C. a shortage of the good and its price will increase. O D. no shortage or surplus of the good.Suppose that in a recent market period, an industry-wide survey determined the following relationship between the price of t-shirts and the quantity supplied and quantity 12- demanded. 11 Quantity Demanded 10- Quantity Price of t-shirts Supplied of 9- t-shirts $3 100 million 40 million 90 million 60 million Price $5 80 million 80 million $6 70 million 100 million $7 60 million 120 million 4- 3- 1.) Using the multipoint curve drawing tool, draw and label the demand curve for t-shirts. 2.) Using the multipoint curve drawing tool, draw and label the supply curve for t-shirts. 20 40 60 80 100 120 140 3.) Using the point drawing tool, plot the equilibrium point Quantity (millions) for t-shirts. Label it 'E'. After plotting the final point of your multipoint curve, Carefully follow the instructions above, and only draw the press the Esc key on your keyboard to end the line. required objects.The law of demand states that O A. as price increases, quantity demanded increases, all other things equal. O B. supply creates its own demand. O C. as price increases, quantity demanded decreases, all other things equal. O D. if supply increases, demand will increase to meet supply. O E. if prices, income, and the price of other goods increase, demand will increase.Which of the following would cause an increase in the supply of fish? O A. A decrease in the price of inputs to fish production. O B. An increase in the price of fish. O C. An increase in taxes. O D. An increase in the number of buyers in the market.Market Price A B C D $10 $9 $8 SNOW $7 $6 11 $5 10 12 15 $4 14 11 16 20 The table above indicates the demand schedules for four types of consumers. Suppose there are 8,000 consumers, evenly divided between the four types of customers above (A - D). The quantity demanded at a price of $7 is O A. 40,000 O B. 60,000 O C. 58,000 O D. 42,000Consider the market for laptop computers. Click on the graph to the right to determine how the following event will impact this market. Do this by illustrating the event on the 15- graph and then assess its impact on the equilibrium 14- quantity and the market price. 13- Event: The price of memory chips used in laptop computers declines. O A. The supply increases, causing the equilibrium quantity to rise and the market price to fall. Price (hundreds of $) O B. The quantity supplied increases, causing the equilibrium quantity to rise and the market price to fall. O C. The supply decreases, causing the equilibrium quantity to fall and the market price to rise. O D. The supply increases, causing the equilibrium D quantity to fall and the market price to rise. 1 2 3 4 5 6 7 9 10 11 Quantity (thousands per month)The following table gives the demand schedule for an individual's monthly demand for CDs. 50- Quantity Price Demanded $30 40 $25 9 35- $20 11 $15 13 30- Price of CDS Assume there are 10 identical people in the market. 25 1.) Using the point drawing tool, indicate the point on the 20- market demand curve that corresponds with the 15- highest price, and label it 'High'. 10 2.) Using the point drawing tool, indicate the point on the market demand curve that corresponds with the 5- lowest price, and label it 'Low'. 3.) Using the multipoint curve drawing tool, draw the market 40 50 60 70 80 90 100 110 120 130 140 150 1 demand curve, and label it. Quantity of CDs Carefully follow the instructions above, and only draw the After plotting the final point of your multipoint curve, required objects. press the Esc key on your keyboard to end the line.Which of the following would cause a decrease in the demand for chicken? O A. An increase in consumer incomes (chicken is a normal good). O B. An increase in the price of chicken. O C. A decrease in the number of firms in the market. O D. A decrease in the price of hamburger, a substitute for chicken.Suppose that at first the price of a jar of peanut butter is $5 and the price of a jar of jelly is $3. Then, the price of a jar of peanut butter changes to $10 and the price of a jar of jelly changes to $7. What has happened the money prices and relative prices of these two goods? O A. The money price of a jar of peanut butter and a jar of jelly have fallen and the relative price of a jar of jelly and a jar of peanut butter have risen. O B. The money and relative prices of a jar of peanut butter and a jar of jelly have not changed. O C. The money price of a jar of peanut butter and a jar of jelly have risen and the relative price of a jar of peanut butter has fallen while relative price of a jar of jelly has risen. O D. The money price of a jar of peanut butter and a jar of jelly have risen and the relative prices of a jar of jelly and a jar of peanut butter have fallen.Suppose that the price of a jar of peanut butter is $15 and the price of a T-shirt is $9. What is the relative price of a jar of peanut butter? O A. 0.600 O B. 6.000 O C. 24.000 O D. 1.667 What is the relative price of a T-shirt? O A. 24.000 B. 1.667 O C. 6.000 O D. 0.600