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28 Sep 2019
Price
Quantity
Demanded
Quantity
Supplied
$15
40
80
$12
50
70
$10
60
60
$7
70
50
$5
80
40
Reference: Ref 3-16
__(Table) In the table, at a price of $12:
a. a shortage of 20 units occurs.
b. equilibrium output is achieved.
c. a surplus of 40 units occurs.
d. a surplus of 20 units occurs.
Reference: Ref 3-16 __(Table) In the table, at a price of $12: |
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a. a shortage of 20 units occurs. b. equilibrium output is achieved. c. a surplus of 40 units occurs. d. a surplus of 20 units occurs.
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Darryn D'SouzaLv10
28 Sep 2019
Related textbook solutions
Related questions
The table below contains typical economic data. It shows the quantity of a good that is demanded by purchasers and the quantity supplied by producers at various prices.
| Price | Quantity Demanded | Quantity Supplied |
| $100 | 10 | 25 |
| $80 | 20 | 20 |
| $60 | 30 | 15 |
| $40 | 40 | 10 |
| $20 | 50 | 5 |
| $0 | 60 | 0 |
At which price are quantities demanded and quantities supplied the same?
$100
$80
$40
$0
At which price is the quantity supplied equal to 10?
$100
$80
$40
$0
Refer to the table in question 1.
At which price is the quantity demanded less than the quantity supplied?
$100
$80
$40
$0
