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
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
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Question
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 |
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
$
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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