(Figure: Market) Use the graph to answer the questions.
(i) What is the equilibrium price?
(ii) What is the equilibrium quantity?
(iii) At the price of $450, the market is experiencing a _____ (shortage/surplus) of _____ units.
(iv) At the price of $300, the market is experiencing a _____ (shortage/surplus) of _____ units.

Question

Quizplus · Accepted Answer

The Answer of (Figure: Market) Use the graph to answer the questions.
(i) What is the equilibrium price?
(ii) What is the equilibrium quantity?
(iii) At the price of $450, the market is experiencing a _____ (shortage/surplus) of _____ units.
(iv) At the price of $300, the market is experiencing a _____ (shortage/surplus) of _____ units.

(Figure: Market) Use the Graph to Answer the Questions