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8) Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Assume that the price of tote
bags is $15. At this price A) the quantity demanded exceeds the quantity supplied by 75. The price will eventually rise to $25 where
quantity demanded will equal quantity supplied. B) there is a shortage equal to 55 tote bags; the price of tote bags will rise until demand is equal to supply. C) the demand exceeds the supply of tote bags by 55. Some consumers will have an incentive to offer to buy
tote bags at a higher price. D) there is a shortage, equal to 55 tote bags, that will be eliminated when the price rises to $25.

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