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Mic7: Market equilibirum, Surplus, Shortage

By Jeffrey See
Last updated about 5 years ago
5 Questions

Where is the market equilibrium price and quantity in the graph above?

when price is $1.60 does it create a surplus or shortage in the graph above, and how big is it?

when price is $.40 does it create a surplus or shortage in the graph above, and how big is it?

If the price of chocolate bars is initially $1.60, what will have to happen to bring the market to equilibrium?

If the price of chocolate bars is initially $.80, what will have to happen to bring the market to equilibirum?