https/ ssessment/take/launchjsp 487834 18course id-3153954 1&ccontent id 1777082

Question

https/ ssessment/take/launchjsp 487834 18course id-3153954 1&ccontent id 17770821.1&step-nul QUESTION 15 7 points Save Answer On the following supply and demand curves, indicate whether there is a surplus or shortage at $40, 560, and $80 and what is the numerical diference between quaritity demanded and quantity supplied at each of those prices Supply $100 $80 $60 $20 Demand 10 20 30 40 50 Quantity TTTArial3(12pt) T E IE Chiek Save and Submit to save and submit. Click Save All Anscers to save all answers Save All Answers Save and Subenit

Explanation / Answer

Answer : From the following graph we indicate that whether there is a shortage or surplus in the market.

Current price in market Indicator Quantity demand Quantity Supplied Numerical Difference $40 Shortage 40 units 20 units 20 units of shortage $60 Neither shortage nor surplus ( Equilibrium) 30 units 30 units Nil $80 Surplus 20 units 40 units 20 units of surplus

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