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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Question

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
6 7 8
5
Quantity of bicycles (per day)

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