Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $175,000. How large will the resulting surplus be? At a price of $175,000, 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- 100- 75- 50- 25- 0- 0 200 600 A 400 800 Quantity (houses) Supply Deman 1000 1

Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $175,000. How large will the resulting surplus be? At a price of $175,000, 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- 100- 75- 50- 25- 0- 0 200 600 A 400 800 Quantity (houses) Supply Deman 1000 1

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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