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A shortage of textbooks is most likely to cause: O a decrease in the supply of textbooks. O a decrease in the demand for textbooks. O a decrease in the price of paper. O an increase in the price of textbooks. Question 33 The table given below shows the quantity supplied and the quantity demanded for a good at different prices. If the price of the good described in the table given below is $1.50, then: Table 4.1 Price($) Quantity Quantity demanded supplied 1 100 10 1.2 90 30 1.4 80 50 1.5 70 70 1.6 60 90 Othere is a shortage in the market. there is a surplus in the market. the market is in equilibrium. the demand for the good increases by 30 units. Question 34 Identify the effect of a reduction in the price of steel on the equilibrium price and quantity of automobiles. An increase in both equilibrium price and equilibrium quantity O A decrease in both equilibrium price and equilibrium quantity An increase in equilibrium price and a decrease in equilibrium quantity A decrease in equilibrium price and an increase in equilibrium quantity