33 Refer to the accompanying table to answer the next four questions.Market for Public TransportationPrice Quantity Demanded Quantity Supplied$0.75$1.00$1.25$1.50$1.75$2.00100,00065,00092,00086,00080,00080,00086,000100,00075,00068,000115,000116,000What is the amount of the shortage or surplus in the market for public transportationwhen the price ceiling is $1.00?a) a surplus of 86,000O b) a shortage of 75,000Oc) a shortage of 40,000d) a surplus of 100,000O e) a shortage of 12,000

Price ceiling is the maximum price that can be charged in the market.

Refer to the accompanying table to answer the next four questions. Market for Public Transportation Price Quantity Demanded Quantity Supplied $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 100,000 65,000 80,000 92,000 86,000 80,000 75,000 68,000 86,000 100,000 115,000 116,000 What is the amount of the shortage or surplus in the market for public transportation when the price ceiling is $1.00? a) a surplus of 86,000 O b) a shortage of 75,000 Oc) a shortage of 40,000 d) a surplus of 100,000 e) a shortage of 12,000

Refer to the accompanying table to answer the next four questions. Market for Public Transportation Price Quantity Demanded Quantity Supplied $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 100,000 65,000 80,000 92,000 86,000 80,000 75,000 68,000 86,000 100,000 115,000 116,000 What is the amount of the shortage or surplus in the market for public transportation when the price ceiling is $1.00? a) a surplus of 86,000 O b) a shortage of 75,000 Oc) a shortage of 40,000 d) a surplus of 100,000 e) a shortage of 12,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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