According to the above table, at a price of $1 per unit, which of the following would exist? A) a surplus of 200 units B) a shortage of 200 units C) a shortage of 800 units D) a surplus of 800 units

Demand and Supply Schedule for Good Y: Unit price of y Quantity demanded of y Quantity supplied of y Price elasticity of demand of y (2 decimals) Price elasticity of supply of y (2 decimals) $100 10 40 n/a n/a $90 11 35     $80 12 30     $70 13 25     $60 14 20     $50 15 15     $40 16 10     $30 17 5     $20 18 1     $10 19 0

None

Assuming an increase in Demant and decrease in Supply, which of the following statements is TRUE?     The price of the good will decrease.     The quantity of the good will definitely decrease.     The price of this good will definitely increase.     There will be a permanent shortage of this good.     The new equilibrium quantity may increase, decrease, or stay the same.     A surplus of this good will result from these changes in Supply and Demand.     What new equiLibrium quantity will result depends on the relative magnitude of the changes and the shapes of the Demand and Supply curves.     We cannot determine what will happen to price.