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Kind of disequilibrium situation results

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Reference no: EM131372992

Instructions: Enter your responses as whole numbers.

(a) What is the equilibrium price? $

(b) If a minimum price (price floor) of $8 is set,

(i) What kind of disequilibrium situation results? (Click to select) shortage surplus

(ii) How large is it? units

(c) If a maximum price (price ceiling) of $1 is set,

(i) What kind of disequilibrium situation results? (Click to select) shortage surplus

(ii) How large is it? units

  Price ($)

8 

7

6

5

4

3

2

1

  Quantity demanded

2

3

4

5

6

7

8

9

  Quantity supplied

10

9

8

7

6

5

4

3

Reference no: EM131372992

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