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If a supply curve goes through the point P = $10 and Qs = 320, then
a. $10 is the highest price that will induce firms to supply 320 units
b. $10 is the lowest price that will induce firms to supply 320 units
c. at a price higher than $10 there will be a surplus
d. at a price lower than $10 there will be a shortage
When Sonoma Vineyards reduces the price of its Cabernet Sauvignon from $15 a bottle to $12 a bottle, the result is an increase in a. the demand for this wine b. the supply of
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