Question

According to the accompanying graph, if the price is $20, there is a ________ of ________ units.

a. surplus; 100
b. surplus; 150
c. shortage; 100
d. surplus; 50
e. shortage; 50

Answer 1

Analyzing the graph, it is found that there is a shortage of 100 units, given by option c.

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• In the graph, the price is given by the y-axis.
• When the price is of $20, the supply is of 50 units.
• The demand is of 150 units.
• Demand > supply, thus, there is a shortage.
• 150 - 50 = 100, thus, a shortage of 100 units, given by option c.

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