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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Answer #1
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