(1) Qd 60 70 90 100 110 (2) Od 50 60 70 80 90 (3) Price Multiple Choice $ 12 11 10 9 8 Os 80 70 60 50 40 (5) Qs 98 80 70 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 a shortage of 40 units would occur 60 50

(1) Qd 60 70 90 100 110 (2) Od 50 60 70 80 90 (3) Price Multiple Choice $ 12 11 10 9 8 Os 80 70 60 50 40 (5) Qs 98 80 70 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 a shortage of 40 units would occur 60 50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(1) (2) (3) (4) (5) Qd Qd Price Qs Qs 60 50 $ 12 80 90 70 60 11 70 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 О a shortage of 40 units would occur the market would clear. demand would change from columns (3) and (2) to columns (3) and (1) a surplus of 40 units would occur