Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $250,000. How large will the resulting surplus be? At a price of $250,000, there will be surplus houses. (Enter your response as a whole number.) What is the equilibrium price of houses? The equilibrium price is $. (Enter your response as a whole number.) Price ($1000s) 300- 275- 250- 225- 200 175- 150 8125- 100- 75- 50- 25- 0+ 0 200 400 800 Quantity (houses) 600 Supply Demand 1000 1200 Q Q
Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $250,000. How large will the resulting surplus be? At a price of $250,000, there will be surplus houses. (Enter your response as a whole number.) What is the equilibrium price of houses? The equilibrium price is $. (Enter your response as a whole number.) Price ($1000s) 300- 275- 250- 225- 200 175- 150 8125- 100- 75- 50- 25- 0+ 0 200 400 800 Quantity (houses) 600 Supply Demand 1000 1200 Q Q
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter4: Prices: Free, Controlled, And Relative
Section: Chapter Questions
Problem 2WNG
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![Assume the figure to the right illustrates the market for houses for sale in a small
city.
Suppose the market price of houses is $250,000. How large will the resulting
surplus be?
At a price of $250,000, there will be surplus houses. (Enter your response as
a whole number.)
What is the equilibrium price of houses?
The equilibrium price is $. (Enter your response as a whole number.)
Price ($1000s)
300-
275-
250-
225-
200-
175-
150-
125-
1004
75-
50+
25-
0+
0
200
400
800
Quantity (houses)
600
Supply
Demand
1000
1200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9fc4cd3-c795-4f0a-84bd-846e4218c2ff%2F03b213e3-34d9-428d-af7c-93b289d56aad%2F8o9l3um_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume the figure to the right illustrates the market for houses for sale in a small
city.
Suppose the market price of houses is $250,000. How large will the resulting
surplus be?
At a price of $250,000, there will be surplus houses. (Enter your response as
a whole number.)
What is the equilibrium price of houses?
The equilibrium price is $. (Enter your response as a whole number.)
Price ($1000s)
300-
275-
250-
225-
200-
175-
150-
125-
1004
75-
50+
25-
0+
0
200
400
800
Quantity (houses)
600
Supply
Demand
1000
1200
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