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Use the supply and demand schedule below to answer the following questions: Price $10 15 20 25 30 Quantity Demanded Quantity Supplied 100 80 60 40 20 20 40 60 80 100 s: Enter your answers as whole numbers. a. What is the market equilibrium price and quantity? Market equilibrium price: $ Market equilibrium quantity: units b. If there is a shortage of 40 units, what is the market price? c. At a price of $25, the market experiences a (Click to select)ofunits.
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Answer #1

a) Market equilibrium price is $20.

    Market equilibrium quantity is 60 units.

Explanation:

Market equilibrium occurs at the point where quantity demanded is equal to quantity supplied.

b) Ans: $15

Explanation:

At a price of $15, quantity demanded is 80 units and quantity supplied is 40 units. So, there is a shortage of 40 units.

c) At a price of $25, the market experiences a surplus of 40 units.

Explanation:

At a price of $25, quantity demanded is 40 units and quantity supplied is 80 units. So, there is a surplus of 40 units.

    

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