Demand for Umbrellas Price Supply of Umbrellas Surplus (+) or Shortage (-) 90 $5
ID: 1202094 • Letter: D
Question
Demand for Umbrellas
Price
Supply of Umbrellas
Surplus (+) or Shortage (-)
90
$5
0
80
$10
20
70
$15
40
60
$20
60
50
$25
80
40
$30
100
Use the information in the table to fill in the blanks.
a. At a price of $5, there is a (shortage, surplus) of units.
b. At a price of $10, there is a (shortage, surplus) of units.
c. At a price of $15, there is a (shortage, surplus) of units.
Demand for Umbrellas
Price
Supply of Umbrellas
Surplus (+) or Shortage (-)
90
$5
0
80
$10
20
70
$15
40
60
$20
60
50
$25
80
40
$30
100
Explanation / Answer
Ans.(a)
At a price of $5, there is a shortage of 90 units. (90 - 0)
Ans.(b)
At a price of $10, there is a shortage of 60 units. (80 - 20).
Ans.(c)
At a price of $15, there is a shortage of 30 units. (70 - 40).
Demand for Umbrellas Price Supply of Umbrellas Surplus (+) or Shortage (-) 90 $5 0 -90 80 $10 20 -60 70 $15 40 -30 60 $20 60 0 50 $25 80 30 40 $30 100 60Related Questions
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