Figure 4-7 50 45 Supply 40 35 PRICE ㄓ 30 25 20 15 10 5 Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY 16. Refer to Figure 4-7. Equilibrium price and quantity are, respectively, a. $30 and 500 units. b. $20 and 300 units. c. $25 and 400 units. d. $15 and 200 units. 17. Refer to Figure 4-7. At what price would there be an excess supply of 400 units of the good? a. $40 b. $30 c. $35 d. $25

Figure 4-7 50 45 Supply 40 35 PRICE ㄓ 30 25 20 15 10 5 Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY 16. Refer to Figure 4-7. Equilibrium price and quantity are, respectively, a. $30 and 500 units. b. $20 and 300 units. c. $25 and 400 units. d. $15 and 200 units. 17. Refer to Figure 4-7. At what price would there be an excess supply of 400 units of the good? a. $40 b. $30 c. $35 d. $25

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...

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Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of Gasoline
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