Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $9:





A. the market would clear.

B. a surplus of 20 units would occur.

C. a shortage of 20 units would occur.

D. demand would change from columns (3) and (2) to columns (3) and (1).

B. a surplus of 20 units would occur.

Economics

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The primary benefit that results when a nation employs its resources in accordance with the principle of comparative advantage is

a. an expansion in investment resulting from a reallocation of resources away from consumption. b. a larger output resulting from a more efficient use of resources. c. greater equality of income resulting from an increase in the number of workers. d. an increase in the profitability of business enterprises resulting from an increase in investment.

Economics

The domestic demand and supply for sugar are Qd = 700 ? 2P and QSD = 100 + 4P. The foreign supply is QSF = 150 + 3P. What is the total supply of sugar in the domestic market?

A. Q = 150 + 3P B. Q = 850 + P C. Q = 800 + 2P D. Q = 250 + 7P

Economics