# Refer to the above diagram a shortage of 160 units

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Chapter 18 / Exercise 22
Seeing Through Statistics
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102. Refer to the above diagram. A shortage of 160 units would be encountered if price was:A. \$1.10, that is, \$1.60 minus \$.50.B. \$1.60.C. \$1.00.D. \$0.50.Answer: DTopic: Equilibrium; rationing functionLearning Objective: 03-03: Relate how supply and demand interact to determine market equilibrium.
Difficulty: 3 HardBloom’s: Level 4 AnalyzeAACSB: Analytic Type: GraphRefer To: 3_100[Question]103. If there is a surplus of a product, its price:
Difficulty: 2 MediumBloom’s: Level 2 UnderstandAACSB: Analytic [Question]104. A market is in equilibrium:
Difficulty: 2 MediumBloom’s: Level 2 UnderstandAACSB: Analytic [Question]
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Chapter 18 / Exercise 22
Seeing Through Statistics
Utts
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Chapter 003 Demand, Supply, and Market Equilibrium105. If the demand and supply curves for product X are stable, a government-mandated increase in the price of X will:
Difficulty: 3 HardBloom’s: Level 4 AnalyzeAACSB: Reflective Thinking [Question]106. At the equilibrium price:A. quantity supplied may exceed quantity demanded or vice versa.B. there are no pressures on price to either rise or fall.C. there are forces that cause price to rise.D. there are forces that cause price to fall.Answer: BTopic: Equilibrium; rationing functionLearning Objective: 03-03: Relate how supply and demand interact to determine market equilibrium.Difficulty: 2 MediumBloom’s: Level 2 UnderstandAACSB: Reflective Thinking Reference: 3_107[Question]