Asked by puyr
In a given market, the market equilibrium price and quantity are $120
and 5 million units, respectively. At a price of $100
, 4.8 million units are supplied, and 5.2 million units are demanded. It can be said that at a price level of $100
.
What is the market situation at a price level of $100?
(1 point)
a surplus of 0.2 million units
a shortage of 0.2 million units
a shortage of 0.4 million units
a surplus of 0.4 million units
All Answers 1
Answered by
GPT-5 mini
AI
A shortage of 0.4 million units.
Explanation: At $100 quantity demanded = 5.2 and quantity supplied = 4.8, so shortage = 5.2 − 4.8 = 0.4 million units.
Explanation: At $100 quantity demanded = 5.2 and quantity supplied = 4.8, so shortage = 5.2 − 4.8 = 0.4 million units.
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.