If the price is 1.20 and quantity demand is 90 and quantity supplied is 30 then...
If the price is 1.20 and quantity demand is 90 and quantity supplied is 30 then if the market price of the good is $1.20 there will be _____
a- shortage of 30 units
b- surplus of 30 units
c-shortage of 30 units
d-surplus of 60 units
e- surplus of 20 units
Homework Answers
Answer
quantity demanded is higher than the quantity supplied means there
is a shortage in the market
Shortage =Qd-Qs
=90-30
=60 units
there will be a shortage of 60 units at P=$1.2 in the
market.
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