Price P2 P1 P3 Q2 Q1 Q3 Quantity Figure 6 Market supply and demand curves for wheat 1. Price [Adapted from Figure 12.9 from Book 2- an additional line labelled P3 is added] Figure 6 shows a market supply (S) and demand curve (D) for wheat, with three possible price levels and 2. Price three different quantities. Complete the statement below by selecting the appropriate missing words from each drop down list. v . At a 1. Surplus 2. Shortage If a government sets the price to be no lower than P2 this is an example of a 1. Q1 vof wheat in the market and the quantity supplied will be C price P2 there will be a d 2. Q2 at a Without government interference, the market would be expected to return to 3. Q3 price e I. Surplus 2. Shortage 2. Pz 3. P. 3equilibrium

Price P2 P1 P3 Q2 Q1 Q3 Quantity Figure 6 Market supply and demand curves for wheat 1. Price [Adapted from Figure 12.9 from Book 2- an additional line labelled P3 is added] Figure 6 shows a market supply (S) and demand curve (D) for wheat, with three possible price levels and 2. Price three different quantities. Complete the statement below by selecting the appropriate missing words from each drop down list. v . At a 1. Surplus 2. Shortage If a government sets the price to be no lower than P2 this is an example of a 1. Q1 vof wheat in the market and the quantity supplied will be C price P2 there will be a d 2. Q2 at a Without government interference, the market would be expected to return to 3. Q3 price e I. Surplus 2. Shortage 2. Pz 3. P. 3equilibrium

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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