Refer to Figure 4-8.If the price were $8, a Figure 4-8 Price $20 18 S 16 14 12 10 A 0 10 20 30 40 50 60 70 80 90 100 Quantity O shortage of 20 units would exist and price would tend to Increase. O shortage of 40 units would exist and price would tend to Increase. surplus of 70 units would exist and price would tend to fall O shortage of 70 units would exist and price would tend to Increase