ll a seller established a pre-set price of $5 on this product, there would be a...

Question

Question

business economics

Answer 1

Answer #1

Using the data in table provided,

at price of $5, Qd is 10 while Qs is 50

This means Qs exceeds Qd

This makes a surplus of Qs-Qd = 50-10 = 40 units

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No data provided for P = $8

Answer 2

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