Price $30 25 20 15 10 D 0 150 Quantity 50 250 In a competitive market...

Question

Question

Answer 1

Answer #1

(1) When ceiling price is $10,

Quantity demanded (Qd) = 250

Quantity supplied (Qs) = 50

Since Qd > Qs, there is a shortage equal to 200 (= Qd - Qs = 250 - 50).

(2) In circular flow diagram, there is no flow marked I". Question cannot be answered.

Answer 2

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