Assume that the positions of the supply and demand curves

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Assume that the positions of the supply and demand curves have not changed over the past three months (this means there have been no shifts). Over the past three months, the price for motorcycles has steadily risen from $5000 to $8500. Also, assume that as long as the supply and demand curves do not shift, price will remain at $8500 indefinitely. The current quantity of motorcycles demanded is 10,000. Which of the following combinations of quantity demanded and quantity supplied are quantities that could have been present three months ago?

A) 3,000 demanded; 14,000 supplied

B) 6,000 demanded; 7,000 supplied

C) 12,000 demanded; 8,000 supplied

D) 18,000 demanded; 12,000 supplied

Reference no: EM13736688

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