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becky28 becky28
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Short description: A graph plots quantity against price. Long description: The horizontal axis representing quantity ranges from 0 to 40, in increments of 5. The vertical axis representing price ranges from 0.00 to 4.00, in increments of 0.50. The graph plots two lines. A decreasing line representing demand passes through the following points: (10, 3.00 dollars), (15, 2.50 dollars), (20, 2.00 dollars), (25, 1.50 dollars), and (30, 1.00 dollars). An increasing line representing supply passes through the following points: (10, 1.00 dollars), (15, 1.50 dollars), (20, 2.00 dollars), (25, 2.50 dollars), and (30, 3.00 dollars). The two lines intersect at (20, 2.00 dollars).

FIGURE 5-2

Refer to Figure 5-2. A price floor set at $2.50 will result in



▸ a surplus of 5 units.

▸ a shortage of 5 units.

▸ a shortage of 10 units.

▸ a surplus of 10 units.

▸ no change to the market outcomes.
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Microeconomics

Microeconomics


Edition: 17th
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bruce2710bruce2710
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