The figure below shows the market for cotton fabric:
(a.) If the price in the market is $8.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(b.) If the price in the market is $5.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(c.) If the price in the market is $2.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?

Question

The figure below shows the market for cotton fabric:
  (a.) If the price in the market is $8.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(b.) If the price in the market is $5.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(c.) If the price in the market is $2.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?

Quizplus · Accepted Answer

The Answer of The figure below shows the market for cotton fabric:
  (a.) If the price in the market is $8.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(b.) If the price in the market is $5.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(c.) If the price in the market is $2.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?

The Figure Below Shows the Market for Cotton Fabric