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The following table gives the demand and supply scheddules for widgets.

Price

Quantity Demanded

Quantity Supplied

$35

133

220

$30

147

205

$25

161

190

$20

175

175

$15

189

160

The equilibrium price in this is $___.

The equilibrium quantity in this market is ___ unit.

If this price in this market was $30, there would be a ___ (A.) shortage, B.) surplus) of ___ units

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Related questions

1. Market equilibrium occurs when

a. demand equals supply

b. quantity demanded equals quantity supplied

c. The consumer expectations match the producer's expectations

d. Efficiency and equal distribution are achievedĀ 

Ā 

2. If a surplus exists in a market, then

a. Price is above market equilibrium and quantity demanded is less than quantity supplied

b. Price is below market equilibrium and quantity demanded is less than quantity supplied

c. Price is above market equilibrium and quantity demanded is greater than quantity supplied

d. Price is below market equilibrium and quantity demanded is greater than quantity supplied

Ā 

3. When the price falls below market equilibrium

a. A surplus occurs

b. A shortage occurs

c. There will be an increase in quantity supplied

d. There will be a leftward shift of the supply curve

Ā 

Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 20.

a. What are the equilibrium quantity and price in this market? 1.0P - 20.

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market.

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $29 is imposed in the market. Also, determine the full economic price paid by consumers.

The following graph shows the monthly demand and supply curves in the market for teapots.
Ā 

Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quantity supplied at that price.Ā 

The equilibrium price in this market is $_____ per teapot and the equilibrium quantity is _____ teapots bought and sold per month.

Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward and downward pressures on prices.

Price ($ per teapot) Shortage / Surplus Shortage or surplus amount (teapots) Pressure
60 Ā  Ā  Ā 
40 Ā  Ā  Ā 

Ā 

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