Refer to Exhibit 3-8. A price of $5 will result in a ___________________ in this market which will cause the price of the produc
1 answer:
Complete diagram of Exhibit 3-8 is attached below
We have that the blanks are Shortage and Upward giving the answer to be
A price of $5 will result Shortage in a in this market which will cause the price of the product to gravitate Upward
Referring to Exhibit 3.8 we have a Price in dollars to Quantity graph
Price
A price is the quantity of compensation given by one party to another in return for one unit of goods or services. If the product is a good in the commercial exchange, the price of this product will be called price.
Quantity
Aka amount is a property that can exist as a multitude or magnitude, which illustrate discontinuity and continuity. Quantities can be in terms of Mass,Number or size
Therefore have the Knowledge of Quantity and price
We conclude that
A price of $5 will result Shortage in a in this market which will cause the price of the product to gravitate Upward
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Explanation:
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