Description of this paper

Assume there is a shortage in the market for digital music players.

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Question

Text: Hubbard & O'Brien, Essentials of Economics, 2nd ed.;Assume there is a shortage in the market for digital music players. Which of the following statements correctly describes the situation?;A. The shortage will cause an increase in the equilibrium price of digital music players.;B. The price of digital music players will rise in response to the shortage, as the price rises the quantity demanded will increase and the quantity supplies will decrease.;C. Some consumers will be unable to obtain digital music players at the market price and will have an incentive to offer to buy the product at a higher price.

 

Paper#22639 | Written in 18-Jul-2015

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