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]