The figure to the right represents the market for coffee grinders. Assume that the market price is $21. Which of the following statement is true?
A. There will be a shortage that will cause the price to increase; demand will then decrease and supply will increase until the price equals $25.
B. There is a shortage that will cause the price to decrease; quantity demanded will then increase and quantity supplied will decrease until the price equals $25.
C. There is a shortage that will cause the price to increase; quantity demanded will then decrease and quantity supplied will increase until the price equals $25.
D. There is a shortage that will cause the price to increase; quantity supplied will then decrease and quantity demanded will increase until the price equals $25
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The figure to the right represents the market for coffee grinders. Assume that the market price is $...
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