In Figure below, using the supply and demand curves denoted S1 and D1, respectively, Price $150 $100 $75-- $50- 50 75 100 52 Quantity (thousands) if demand were to increase to D2 and the equilibrium price stayed the same there would be shortage new equilibrium at 75,000 new equilibrium at 100,000
In Figure below, using the supply and demand curves denoted S1 and D1, respectively, Price $150 $100 $75-- $50- 50 75 100 52 Quantity (thousands) if demand were to increase to D2 and the equilibrium price stayed the same there would be shortage new equilibrium at 75,000 new equilibrium at 100,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![In Figure below, using the supply and demand curves denoted S1 and D1, respectively,
Price
$150
$100
$75-
$50
1
I
50 75 100
O surplus
Quantity
(thousands)
if demand were to increase to D2 and the equilibrium price stayed the same there would be
shortage
new equilibrium at 75,000
new equilibrium at 100,000
D₂
new equilibrium at 50,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a1d79ee-47b5-4f59-9c91-ef88ab29a561%2Fc012f2e6-598a-471e-94c4-ec69dde3bdbd%2F26wmaym_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In Figure below, using the supply and demand curves denoted S1 and D1, respectively,
Price
$150
$100
$75-
$50
1
I
50 75 100
O surplus
Quantity
(thousands)
if demand were to increase to D2 and the equilibrium price stayed the same there would be
shortage
new equilibrium at 75,000
new equilibrium at 100,000
D₂
new equilibrium at 50,000
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