Learning Outcomes:

1. Identify a surplus and shortage.
2. Explain how a surplus or shortage affects price.
3. Identify equilibrium price and quantity.
4. Referring to the Demand and Supply schedules below, what is the equilibriumquantityin this market?

Learning Outcomes: 1. Identify a surplus and shortage. 2. Explain how a surplus or shortage affects price. 3. Identify equilibrium price and quantity. Referring to the Demand and Supply schedules below, what is the equilibrium quantity in this market? Quantity Quantity Price Demanded Supplied $5 100 150 4 120 145 3 140 140 2 160 135 1 180 130