Suppose that the graph represents the demand and supply of bicycles in a small town. There is a shortage of two bicycles if the price is $. Price of bicycles $450 400 350 300 250 200 150 100 a. 100 b. 200 C. 400 d. 350 1 2 3 S D 4 5 6 7 8 Quantity of bicycles (per day)

Suppose that the graph represents the demand and supply of bicycles in a small town. There is a shortage of two bicycles if the price is $. Price of bicycles $450 400 350 300 250 200 150 100 a. 100 b. 200 C. 400 d. 350 1 2 3 S D 4 5 6 7 8 Quantity of bicycles (per day)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following table gives the demand and supply schedules for widgets. Price {:[" Quantity "],[" Demanded "]:} Quantity Supplied $25 88 130 $20 92 120 $15 96 110 $10 100 100 $5 104 90 The equilibrium price in this market is $ The equilibrium quantity in this market is units. If the price in this market was $20, there would be a of units.