Table 3.1 Price per Constant-Quality Unit Quantity Demanded of Constant-Quality
ID: 1180897 • Letter: T
Question
Table 3.1 Price perConstant-Quality Unit Quantity Demanded of Constant-Quality Units per Year Quantity Supplied of Constant-Quality Units per Year $ 1.00 1,000 200 $ 2.00 800 400 $ 3.00 600 600 $ 4.00 400 800 $ 5.00 200 1000
According to Table 3.1, a surplus exists when
the price is greater than $3 per unit.
the price is $1 per unit.
the price is $2 per unit.
the price is $3 per unit. Table 3.1 Price per
Constant-Quality Unit Quantity Demanded of Constant-Quality Units per Year Quantity Supplied of Constant-Quality Units per Year $ 1.00 1,000 200 $ 2.00 800 400 $ 3.00 600 600 $ 4.00 400 800 $ 5.00 200 1000
Explanation / Answer
the price is greater than $3 per unit.
at 3.00 the system is in equilibrium
and raising the price further we have more suplly than demand ....hence in surplus
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