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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Diagrammatically show and explain why there is a shortage of classroom space for some college classes and a surplus for others.

To determine

Shortage and surplus.

Explanation

Figure 1 shows the demand curve and supply curve for the class room space.

The horizontal axis of Figure 1 measures the quantity of classroom space and the vertical axis measures the price. The supply of the classroom space is fixed and is indicated by the vertical supply curve, S. Since the college charges only the fixed price for all classes, the price is also constant at P...

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