Econ 2020 Unit Exam 1 (Topics 1 -4)- Requires R Time Left: 0:45:49Timothy Harris

Question

Econ 2020 Unit Exam 1 (Topics 1 -4)- Requires R Time Left: 0:45:49Timothy Harris: Attempt 2 me Limit: 1:15:00 Subsection of 50 questions saved Page 1: 36 Question 37 (2 points) Figure 4-10O 50 45 40 35 30 25 20 Page 2: 6 78910 ????? Page 3: 11 12 13 14 15 15 Page 4: 16 17 18 19 20 ????? Page 5: 100 200 300 400 300 600 700 800 900 anng Refer to Figure 4-10. If the price is $25, then there would be an 21 22 23 24 25 excess supply of 100 and price would fall. excess supply of 300 and price would fall. excess demand of 100 and price would fall. excess demand of 300 and price would fall. excess supply of 300 and price would rise. Page 6: 26 27 28 29 30 ????? Page 7: Quiz Status Save Question 36 Saved Subsection

Explanation / Answer

Answer is Excess supply of 300 units and price will fall.

Explanation:

At price $25, the supply of goods is 800 units and demand is 500 units, as the supply exceeds demand there is a surplus of 300 units.

As the surplus in the market therefore, the prices are going to fall.

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