Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which answer(s) are correct and what is the reasoning? The following represents demand and supply curves in the market for secondhand customised nerf guns. -

Which answer(s) are correct and what is the reasoning?

image text in transcribed
The following represents demand and supply curves in the market for secondhand customised nerf guns. - Demand curve - - - Supply curve 140 - 135 - 130 - 125 - 120 - 115 - 110 - 105 - 100 95 - 90 - 85 - 80 - 75 - ice P 70- E 65- 60 - 55 - 50 - 40 - 30 - 25 - 20 - 15 - 10 - 2.5 7 .5 10 12.5 15 17.5 22.5 25 27.5 30 32.5 35 37.5 Quantity Q Which of the following statements are correct? O a. At 170, some of the sellers have an incentive to increase their selling price to 180. O b. 40 units will be sold in total. O c. At 170, the market clears. O d. At price 190, there is excess demand for nerf guns

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Marketing

Authors: Johny K Johansson

4th Edition

0072961805, 9780072961805

More Books

Students also viewed these Economics questions

Question

5. Give examples of binary thinking.

Answered: 1 week ago