Figure 35 Alt Text for Figure 3

Multiple Choice

Figure 3.5 Alt text for Figure 3.5a: In figure 3.5a, a graph of intersecting supply and demand curves representing the markets for original Picasso paintings and designer jeans.
Long description for Figure 3.5a: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Supply is a straight line which slopes up from the bottom left corner to the top right corner.Curve Demand is a straight line which slopes down from the top left corner to the bottom right corner.The 2 curves intersect at their respective midpoints.
Alt text for Figure 3.5b: In figure 3.5b, a graph of intersecting supply and demand curves represents one of the two markets for original Picasso paintings and designer jeans.
Long description for Figure 3.5b: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Demand is a straight line which slopes down from the top left corner to the bottom right corner.Curve Supply is a straight, vertical line beginning from approximate midpoint of the x axis.The 2 curves intersect at their respective midpoints.
-In 2016, forest fires forced the evacuation of Fort McMurray. Many of those evacuated went to Edmonton. As a result of the evacuation, what would we expect to see in the market for hotel rooms in Edmonton at the original equilibrium price?

A) a surplus of hotel rooms
B) the quantity demanded equal to the quantity supplied
C) a shortage of hotel rooms
D) an increase in the supply of hotel rooms.