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Price $25.00 20.00 15.00 10.00 200 400 500 600 700 800 Quantity Refer to Figure 3-4. If the price is $25, there would be a shortage of 600 units. there would be a shortage of 300 units. there would be a surplus of 600 units. O there would be a surplus of 300 units.

Price $25.00 20.00 15.00 10.00 200 400 500 600 700 800 Quantity Refer to Figure 3-4. If the price is $25, there would be a shortage of 600 units. there would be a shortage of 300 units. there would be a surplus of 600 units. O there would be a surplus of 300 units.

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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Price $25.00 20.00 15.00 10.00 200 400 500 600 700 800 Quantity Refer to Figure 3-4. If the price is $25, there would be a shortage of 600 units. there would be a shortage of 300 units. there would be a surplus of 600 units. there would be a surplus of 300 units.
Transcribed Image Text:Price $25.00 20.00 15.00 10.00 200 400 500 600 700 800 Quantity Refer to Figure 3-4. If the price is $25, there would be a shortage of 600 units. there would be a shortage of 300 units. there would be a surplus of 600 units. there would be a surplus of 300 units.
Tomas increased his consumption of potato chips when the price of pistachios increased. For Tomas, potato chips and pistachios are both normal goods. O both inferior goods. substitutes. O complements.
Transcribed Image Text:Tomas increased his consumption of potato chips when the price of pistachios increased. For Tomas, potato chips and pistachios are both normal goods. O both inferior goods. substitutes. O complements.
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