Part 2: Points A, B and C in the chart below depict either a shortage, a surplus or an equilibrium. Indicate what each letter represents in the chart by circling the correct term: A. Shortage, surplus, equilibrium point B. Shortage, surplus, equilibrium point C. Shortage, surplus, equilibrium point Lemon Supply & Demand 45 40 A 35 30 15 B 10 5- 10 20 30 40 50 60 70 Bushels of Lemons Price per Bushel

Part 2: Points A, B and C in the chart below depict either a shortage, a surplus or an equilibrium. Indicate what each letter represents in the chart by circling the correct term: A. Shortage, surplus, equilibrium point B. Shortage, surplus, equilibrium point C. Shortage, surplus, equilibrium point Lemon Supply & Demand 45 40 A 35 30 15 B 10 5- 10 20 30 40 50 60 70 Bushels of Lemons Price per Bushel

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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