If the market price was artificially set at P=$2, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?
All I need is the answer for question D please
a) Sketch the demand and supply
b) Calculate the
c) If the market price was artificially set at P=$6, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?
d) If the market price was artificially set at P=$2, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?
Demand curve is the downward sloping curve.
Supply curve is the upward sloping curve.
Equilibrium is where the demand curve intersects the supply curve.
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