Use the table below to answer the following questions:Quantity SuppliedPriceQuantity Demanded5000$212,0006000$495007000$670008000$845009000$102000 a) If the price in this market is $8, find quantity demanded.b) If the price in this market is $8, find quantity supplied.c) If the price in this market is $8, will there be a surplus (excess supply) or a shortage(excess demand)?d)lf the price in this market is $8, how big is the imbalance in the market?e) Find the equilibrium price and quantity.

Equilibrium is achieved where quantity demanded is equal to quantity supplied.

Answered: a) If the price in this market is $8,…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section4.2: Can The Laws Of Supply And Demand Be Repealed?

Problem 4YTE

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