The current Px for U of M baseball caps is $25. At that price, 5,000 units are supplied each month, while 4,500 units are demanded each month. Given that information, we know the: there will be an increase in the Px in the future. O quantity exchanged in the market is 4,500 units and there is a surplus of 500 units. O quantity exchanged in the market is 5,000 units and there is a shortage of 500 units. O there will be a decrease in the Qdx in the future.
The current Px for U of M baseball caps is $25. At that price, 5,000 units are supplied each month, while 4,500 units are demanded each month. Given that information, we know the: there will be an increase in the Px in the future. O quantity exchanged in the market is 4,500 units and there is a surplus of 500 units. O quantity exchanged in the market is 5,000 units and there is a shortage of 500 units. O there will be a decrease in the Qdx in the future.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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