(1) (2) (3) (4) (5) Qd Qd Price Qs 60 50 $ 12 80 90 70 60 11 70 80 90 70 10 60 78 100 80 9 50 68 110 90 8 40 50 Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $12 Multiple Choice a shortage of 40 units would occur О the market would clear. demand would change from columns (3) and (2) to columns (3) and (1) a surplus of 40 units would occur
(1) (2) (3) (4) (5) Qd Qd Price Qs 60 50 $ 12 80 90 70 60 11 70 80 90 70 10 60 78 100 80 9 50 68 110 90 8 40 50 Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $12 Multiple Choice a shortage of 40 units would occur О the market would clear. demand would change from columns (3) and (2) to columns (3) and (1) a surplus of 40 units would occur
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:(1)
(2)
(3)
(4)
(5)
Qd
Qd
Price
Qs
60
50
$ 12
80
90
70
60
11
70
80
90
70
10
60
78
100
80
9
50
68
110
90
8
40
50
Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $12
Multiple Choice
a shortage of 40 units would occur
О
the market would clear.
demand would change from columns (3) and (2) to columns (3) and (1)
a surplus of 40 units would occur
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