If a Supply Curve Goes Through the Point P =

Multiple Choice

If a supply curve goes through the point P = $10 and = 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.
E) both c and d