The Law of Supply and Demand Answers

In this situation, Bond's Gym is experiencing . This means that there are applicants who want to join the gym.

The demand for memberships at Bond’s Gym can be considered . Monthly memberships at Bond’s Gym can be considered a .

Bond's Gym is not able to expand quickly. It would take a long time and lots of money to hire more workers, buy equipment, and find a bigger building. Based on the graph and the information above, memberships at Bond's Gym are an supply. The owner at Bond's Gym increase the supply of memberships easily and quickly.

Bond’s Gym should use to help solve the problem. If the owner of Bond’s Gym raises his prices, the quantity demanded for membership will most likely . If the owner of Bond’s Gym decides to raise his prices, he could make money per monthly membership.

What will most likely occur after the price of a monthly membership increases? Check all that apply.

The price ceiling means there will be in the supply of rental spaces.

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Landlords will not raise rent prices as demand increases because they .

According to the graph, rent would stabilize at if the price ceiling did not exist.