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The following diagram shows the market for a particular product traded within a country and not ...

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The following diagram shows the market for a particular product traded within a country and not ...

The following diagram shows the market for a particular product traded within a country and not imported or exported.

Which one of the following statements is FALSE?

▸ At a price of £7, there would be a shortage of 20 000 tonnes per annum.

▸ If demand increased by 10 000 tonnes per annum at each price, equilibrium price would rise to £6.

▸ If demand increased by 10 000 tonnes per annum at each price, equilibrium quantity would rise by 5000 tonnes per month.

▸ Equilibrium price is £5.

Textbook

Essential Economics for Business

Edition: 5^th

Authors: Sloman, Jones

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You make an excellent tutor!

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