Graph 4-1

-In which panel(s) in Graph 4-1 would there be a shortage for a good at the market price?

Name: Graph 4-1 -In which panel(s) in Graph 4-1 would there be a shortage for a good at the market price?
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Question

Graph 4-1
 
-In which panel(s) in Graph 4-1 would there be a shortage for a good at the market price?

Quizplus · Accepted Answer

In panel b, the quantity demanded at the market price is greater than the quantity supplied, indicating a shortage. In panel a, the quantity supplied at the market price is greater than the quantity demanded, indicating a surplus. Therefore, only panel b experiences a shortage.

Graph 4-1 -In Which Panel(s) in Graph 4-1 Would There Be a Would