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
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 16QP
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Question
K
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
(Enter your response as a whole number.)
What is the equilibrium price of houses?
The equilibrium price is $
whole number.)
surplus houses.
(Enter your response as a
C...
Price ($1000s)
300-
275-
250-
225-
200-
175-
150-
125-
100-
75-
50-
25-
0-
0
200
600
400
800
Quantity (houses)
Supply
Deman
1000
1
Transcribed Image Text:K 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 (Enter your response as a whole number.) What is the equilibrium price of houses? The equilibrium price is $ whole number.) surplus houses. (Enter your response as a C... Price ($1000s) 300- 275- 250- 225- 200- 175- 150- 125- 100- 75- 50- 25- 0- 0 200 600 400 800 Quantity (houses) Supply Deman 1000 1
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