Question

Price Quantity Demanded/Month Quantity Supplied/Month $5 6,000 10,000 $4 8,000 8,000 $3 10,000 6,000 $2 12,000...

Price

Quantity Demanded/Month

Quantity Supplied/Month

$5

6,000

10,000

$4

8,000

8,000

$3

10,000

6,000

$2

12,000

4,000

$1

14,000

2,000

A. Graph the demand and supply curves.

B.. What is the equilibrium price and equilibrium quantity?

C. Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price?

D. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price?

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