Business, 23.03.2020 23:23 fatback7063

Suppose the current price of a good is $160. At this price, the quantity supplied is 130 units, and the quantity demanded is 55 units. For every $1 decrease in price, the quantity supplied decreases by 5 units and the quantity demanded increases by 10 units.

At the current price, the quantity demanded is (greater or less) than the quantity supplied. This means that the market is currently experiencing a (shortage or surplus) . In order to adjust, the market price will (increase or decrease) until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of $ and an equilibrium price of $?

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Suppose the current price of a good is $160. At this price, the quantity supplied is 130 units, and...

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