Refer to the diagram. a shortage of 160 units would be encountered if price was?
Tuesday, January 31, 2023
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Question: Refer to the diagram. a shortage of 160 units would be encountered if price was?
If the price was $24, a shortage of 160 units would be encountered. At a price of $24, the quantity supplied would be 2,400 units, while the quantity demanded would be 2,560 units. This level of demand exceeds the supply, resulting in a shortage of 160 units.
In an economic market, higher prices are associated with higher levels of supply and lower levels of demand, and vice versa. Thus, at a price of $24, the increased demand would exceed the suppliers current supply and create a shortage.
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