Table 9.2
-Table 9.2 represents 3 markets for used guitars. Which of the markets in Table 9.2 are NOT in equilibrium?
A) 1 only
B) 2 only
C) 3 only
D) 2 and 3

Question

Table 9.2
-Table 9.2 represents 3 markets for used guitars. Which of the markets in Table 9.2 are NOT in equilibrium?
A) 1 only 
B) 2 only 
C) 3 only 
D) 2 and 3

Quizplus · Accepted Answer

Market 2 is not in equilibrium because the quantity supplied is greater than the quantity demanded, resulting in a surplus. Market 3 is also not in equilibrium because the quantity demanded is greater than the quantity supplied, resulting in a shortage. Market 1 is in equilibrium as the quantity supplied and quantity demanded are equal. Therefore, options A and C are incorrect. Option B is incorrect as Market 1 is in equilibrium.

Table 9.2 -Table 9.2 Represents 3 Markets for Used Guitars. Which of Which