I am struggling to find the shortage and surplus answer to this question. I thought it was quantity demanded - quanity supplied, but that is incorrect. aysPrice($/gallon)Type your answers in all of the blanks and submitX₂ X² Ω·6A binding price floor$3.50$3$2.50You are incorrectA binding price4You are correctceilingYou are correct8 10 12 14XSupplyDemandQuantity (thousands of gallons)set at $3.50 per gallon results in a market surplus ofX gallons of gasoline according to the graph.set at $2.50 per gallon results in a market shortage ofgallons of gasoline according to the graph.

A binding price floor refers to when the government sets the minimum price that can get charged for…

Answered: ays Price ($/gallon) X₂ X² Ω- A binding…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I am struggling to find the shortage and surplus answer to this question. I thought it was quantity demanded - quanity supplied, but that is incorrect.

ays
Price
($/gallon)
Type your answers in all of the blanks and submit
X₂ X² Ω·
6
A binding price floor
$3.50
$3
$2.50
You are incorrect
A binding price
4
You are correct
ceiling
You are correct
8 10 12 14
X
Supply
Demand
Quantity (thousands of gallons)
set at $3.50 per gallon results in a market surplus of
X gallons of gasoline according to the graph.
set at $2.50 per gallon results in a market shortage of
gallons of gasoline according to the graph.

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Type your answers in all of the blanks and submit
X₂ X²
A binding price
4
You are incorrect
A binding price
6
You are incorrect
floor
You are correct
ceiling
You are correct
set at $3.50 per gallon results in a market surplus of
X gallons of gasoline according to the graph.
X
set at $2.50 per gallon results in a market shortage of
gallons of gasoline according to the graph.

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