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A graph shows supply and demand curves by plotting price against quantity. The vertical axis represents price ranging from 0 to 14 in increments of
A graph shows supply and demand curves by plotting price against quantity. The vertical axis represents price ranging from 0 to 14 in increments of 1. The horizontal axis represents quantity ranging from 0 to 800 in increments of 100. A positive sloping curve labeled S starts from (0, 0) and ends at (800, 14). A negative sloping curve starts from (0, 14) and ends at (800, 0). The curves intersect each other at (400, 7) as denoted by dashed lines. Points (225, 4) and (600, 10) lie on S as denoted by dashed lines. Points (225, 10) and (600, 4) lie on D as denoted by dashed lines. At a price of $4, the market is characterized by a(n): Question 4 options: overage shortage equilibrium surplus
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