The price to drive on a freeway is 0 at all times of the, Ask an Expert

Economics

1. The price to drive on a freeway is $0 at all times of the day. This price establishes equilibrium at 3 a.m. but is too low to establish equilibrium at 5 p.m. There is a shortage of freeway space at 5 p.m.

a. Graphically show and describe how carpooling may eliminate the shortage.
b. Graphically show and describe how building more freeways may eliminate the shortage.

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

3. Smith has been trying to sell his house for six months, but so far, there are no buyers. Draw the market for Smith's house.

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Microeconomics, Economics

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