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RUDIKE [14]
3 years ago
6

For a given market, suppose that the quantity demanded is 240 units if the price is $20 and the quantity demanded is 275 units i

f the price is $16. In addition, the quantity supplied is 240 units if the price is $20 and the quantity supplied is 200 units if the price is $16. If the actual price in the market is $16 then a shortage of 75 units would exist and price would rise.
a. Trueb. False
Business
1 answer:
Verizon [17]3 years ago
4 0

Answer:

true

Explanation:

Equilibrium is the point at which quantity supplied equals quantity demanded. Above equilibrium price, there would be excess supply and below equilibrium price, there would be excess demanded and a shortage.

Equilibrium price is $20 units and equilibrium quantity s 240 units

When price is $16, demand is 275 and supply is 200 units

Shortage = 275 - 200 = 75 units

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