Shortage or surplus and of how many units

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Reference no: EM131424719

Answer the questions below based on the graph above.

a. The equilibrium price is ______ and the equilibrium quantity is _______.

b. The highest price consumers are willing to pay for 50 units is about ______.

c. The lowest price producers are willing to supply is 40 units is _____ .

d. When the market price is $4, there is (surplus/shortage) ___ of units.

Fill in whether there is a shortage or surplus and of how many units.

e. When the market price is $2, there is (surplus/shortage) ____ of units.

Indicate whether there is a shortage or surplus and of how many units.

Reference no: EM131424719

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