If the price in the market were 10 cents per orange, what would be the quantity supplied and the quantity demanded? again, compare the two numbers and predict what might happen.

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14-09-2022
Business

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If the price in the market were 10 cents per orange, what would be the quantity supplied and the quantity demanded? again, compare the two numbers and predict what might happen.

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ewomazinoade ewomazinoade · Answer 1 · 2022-09-20T12:36:34-04:00

If the price is 10 cents, the quantity demanded would be 8000 and the quantity supplied is 2000. There is most likely going to be a shortage.

What is the quantity supplied and the quantity demanded?

The quantity demanded is the total number of a goods or services that would be bought at a given price. According to economic theory, there is a negative relationship between price and quantity demanded.

The quantity supplied is the total number of a goods or services that would be sold at a given price. According to economic theory, there is a positive relationship between price and quantity supplied.

When the price of a good is below the equilibrium price, there would be a shortage. A shortage is when the quantity demanded exceeds the quantity supplied. When price is below equilibrium price, the quantity demanded would increase and the quantity supplied would decline.

The equilibrium price is 50 cents because this is the price at which quantity supplied is equal to the quantity demanded. 10 cents is below the equilibrium price, thus there would be a shortage.

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