2 Refer to the accompanying table to answer the next four questions.Market for Public TransportationPrice Quantity Demanded Quantity Supplied100,000$0.7565,000$1.00$1.25$1.50$1.75$2.0092,00086,00080,00075,00080,00086,000100,000115,00068,000116,000What is the amount of the shortage or surplus in the market for public transportationwhen the price ceiling is $1.00?a) a surplus of 86,000b)a shortage of 40,000c) a shortage of 75,000O d) a shortage of 12,000a surplus of 100,000

Price ceiling sets the minimum price that is set by the government to control the prices. This is…

Refer to the accompanying table to answer the next four questions. Market for Public Transportation Price Quantity Demanded Quantity Supplied $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 65,000 100,000 92,000 86,000 80,000 80,000 ৪6,000 100,000 75,000 115,000 68,000 116,000 What is the amount of the shortage or surplus in the market for public transportation when the price ceiling is $1.00? a) a surplus of 86,000 b) a shortage of 40,000 c) a shortage of 75,000 O d) a shortage of 12,000 e) a surplus of 100,000

Refer to the accompanying table to answer the next four questions. Market for Public Transportation Price Quantity Demanded Quantity Supplied $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 65,000 100,000 92,000 86,000 80,000 80,000 ৪6,000 100,000 75,000 115,000 68,000 116,000 What is the amount of the shortage or surplus in the market for public transportation when the price ceiling is $1.00? a) a surplus of 86,000 b) a shortage of 40,000 c) a shortage of 75,000 O d) a shortage of 12,000 e) a surplus of 100,000

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 15PAE

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