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How much of a shortage or surplus do we have

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Reference no: EM132142201

Question: At the farmer's market in Irvine, California, the price of avocados is set at $3 each. At that price, 120 avocados are supplied but only 100 are purchased. Represent this on a supply and demand graph and answer the following questions:

a. Is there a shortage or surplus of avocados? Why do we have a shortage or surplus and how much of a shortage or surplus do we have?

b. If we have a shortage or surplus of avocados, how do we eliminate it?

c. Show part b on a graph.

Reference no: EM132142201

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