QUESTION 3 Consider the table of textbook data in the question above. If the students protested the high price of textbooks that the market delivered, and succeeded in getting the college to impose a price ceiling of $120, the result would be a of textbooks. shortage; 800 O shortage; 300 O surplus; 500 surplus; 1,100 QUESTION 4 Consider a competitive market for guitar picks. Suppose there is an improvement in guitar pick production, such that production costs fall for firms. Celeris paribus, we can conclude that the curve will demand curve; shift rightward supply curve; shift rightward demand curve; shift upward supply curve; shift upward