Instructions: Enter your responses as whole numbers.
(a) What is the equilibrium price? $
(b) If a minimum price (price floor) of $8 is set,
(i) What kind of disequilibrium situation results? (Click to select) shortage surplus
(ii) How large is it? units
(c) If a maximum price (price ceiling) of $1 is set,
(i) What kind of disequilibrium situation results? (Click to select) shortage surplus
(ii) How large is it? units
|
Price ($)
|
8
|
7
|
6
|
5
|
4
|
3
|
2
|
1
|
|
Quantity demanded
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
|
Quantity supplied
|
10
|
9
|
8
|
7
|
6
|
5
|
4
|
3
|