8. Use the graph below to answer the questions: Price $30 $28 $26 $24 $22 $20 100 200 300 400 500 a. Which curve is the demand curve: A or B? b. If the price is $28, find: A i. Quantity demanded B Quantity ii. Quantity supplied iii. Will there be a surplus (excess supply) or a shortage (excess demand)? iv. How big will the imbalance be?

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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8. Use the graph below to answer the questions:
Price
$30
$28
$26
$24
$22
$20
100 200 300 400 500
a.
Which curve is the demand curve: A or B?
b. If the price is $28, find:
A
i. Quantity demanded
B
Quantity
ii. Quantity supplied
iii. Will there be a surplus (excess supply) or a shortage (excess demand)?
iv. How big will the imbalance be?
Transcribed Image Text:8. Use the graph below to answer the questions: Price $30 $28 $26 $24 $22 $20 100 200 300 400 500 a. Which curve is the demand curve: A or B? b. If the price is $28, find: A i. Quantity demanded B Quantity ii. Quantity supplied iii. Will there be a surplus (excess supply) or a shortage (excess demand)? iv. How big will the imbalance be?
C.
Find the equilibrium price and quantity.
Transcribed Image Text:C. Find the equilibrium price and quantity.
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