(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:
(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:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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14

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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: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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