Use the supply and demand schedule below to answer the following questions:

Price	Quantity Demand	Quantity Supplied
$15	80	40
25	70	50
35	60	60
45	50	70
55	40	80

a. What is the market equilibrium price and quantity?

b. If there is a shortage of 20 units, what is the market price?

c. c. At a price of $45, the market experiences a surplus of how many units?

Answer rating: 100% (QA)

To find the market equilibrium price and quantity we need to determine the point at which the quanti... View the full answer