A shoe factory sells a certain brand of shoes for $50 per pair. After a celebrity is seen wearing the shoes at an awards show, demand for the shoes goes up
rapidly. As a result, the factory is able to increase the price to $300 per pair
According to the law of supply, what would you expect to happen next?
A. The total demand for the shoes would quickly increase.
B. The quantity of shoes supplied would greatly increase.
C. The equilibrium price of the shoes would quickly decrease.
D. The substitution effect for the shoes would quickly decrease.