(3) (1) Qd (2) Qd (4) Qs (5) Qs Price 50 40 $10 70 80 60 50 9. 60 70 80 60 8 50 60 90 70 40 50 10θ 80 6 30 40 Refer to the above 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 $9:

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Problem 1QTC
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apters 3 & 4 A
(5)
Qs
(4)
(2)
Qd
(3)
(1)
Qd
Price
Qs
50
40
$10
70
80
60
50
60
70
80
60
8
50
60
90
70
7
40
50
100
80
30
40
Refer to the above 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 $9:
Transcribed Image Text:Saved Help Save & Exit Submit apters 3 & 4 A (5) Qs (4) (2) Qd (3) (1) Qd Price Qs 50 40 $10 70 80 60 50 60 70 80 60 8 50 60 90 70 7 40 50 100 80 30 40 Refer to the above 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 $9:
a surplus of 20 units would occur.
demand would change from columns (3) and (2) to columns (3) and (1).
the market would clear.
a shortage of 20 units would occur.
Transcribed Image Text:a surplus of 20 units would occur. demand would change from columns (3) and (2) to columns (3) and (1). the market would clear. a shortage of 20 units would occur.
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