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Consider the above market. Which of the following is true at a price of $400 ?   Question 35 options:   A surplus of 15 units exists   A shortage of 15 dollars exists   None of the Above   A surplus of $450 dollars exists

Consider the above market. Which of the following is true at a price of $400 ?   Question 35 options:   A surplus of 15 units exists   A shortage of 15 dollars exists   None of the Above   A surplus of $450 dollars exists

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the above market.

Which of the following is true at a price of $400 ?

 

Question 35 options:

 

A surplus of 15 units exists

 

A shortage of 15 dollars exists

 

None of the Above

 

A surplus of $450 dollars exists

 

A surplus of 15 dollars exists
Supply Price $ 50 $ 100 $ 150 $ 200 $ 250 $ 300 $ 350 $ 400 $ 450 Quantity 0 5 10 15 20 25 30 35 40 Demand Price Quantity 0 5 10 15 20 25 30 35 40 $ 800 $ 700 $ 600 $ 500 $ 400 $ 300 $ 200 $ 100 $
Transcribed Image Text:Supply Price $ 50 $ 100 $ 150 $ 200 $ 250 $ 300 $ 350 $ 400 $ 450 Quantity 0 5 10 15 20 25 30 35 40 Demand Price Quantity 0 5 10 15 20 25 30 35 40 $ 800 $ 700 $ 600 $ 500 $ 400 $ 300 $ 200 $ 100 $
$900 $800 $700 $600 $500 $400 $300 $200 $100 is S- 0 5 10 5 15 20 25 30 35 40 45
Transcribed Image Text:$900 $800 $700 $600 $500 $400 $300 $200 $100 is S- 0 5 10 5 15 20 25 30 35 40 45
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