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the individual supplies of apples from three apple orchards are 460, 580, and 700 apples respectively, when the equilibrium price of an apple is $0.75. Identify the correct statement from the following.
a) The market supply at $0.75 is 1,540 apples
b)The market demand at $0.75 is 1,740 apples
c) If the price rises above $0.75, there will be an excess demand for apples in the market
d) if the price rises above $0.75, the market supply will be lower than 1,740 apples
the individual supplies of apples from three apple orchards are 460, 580, and 700 apples respectively, when the equilibrium price of an apple is $0.75. Identify the correct statement from the following.
a) The market supply at $0.75 is 1,540 apples
b)The market demand at $0.75 is 1,740 apples
c) If the price rises above $0.75, there will be an excess demand for apples in the market
d) if the price rises above $0.75, the market supply will be lower than 1,740 apples
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Casey DurganLv2
3 May 2019