(1) (2) (3) (4) (5) Qd Qd Price Qs 60 50 $ 12 80 90 70 60 11 70 80 98 70 10 60 78 100 80 9 50 60 110 90 8 40 50 Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $ Multiple Choice O a shortage of 40 units would occur the market would clear demand would change from columns (3) and (2) to columns (3) and (1) a surplus of 40 units would occur
(1) (2) (3) (4) (5) Qd Qd Price Qs 60 50 $ 12 80 90 70 60 11 70 80 98 70 10 60 78 100 80 9 50 60 110 90 8 40 50 Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $ Multiple Choice O a shortage of 40 units would occur the market would clear demand would change from columns (3) and (2) to columns (3) and (1) a surplus of 40 units would occur
Chapter6: Elasticity
Section: Chapter Questions
Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...
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