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Assume the figure to the right illustrates the market for houses for sale in a small city.
Suppose the market price of houses is $200,000. How large will the resulting surplus be?
At a price of $200,000, there will be ______ surplus houses. (Enter your response as a whole number.)
What is the equilibrium price of houses?
The equilibrium price is $____. (Enter your response as a whole number.)

Assume The Figure To The Right Illustrates The Market For Houses For Sale In A Small City Suppose The Market Price Of Houses Is 200000 How Large Will The Result class=

Answer :

PARRAINGO

Based on the demand and supply at $200,000, the surplus would be 400 houses. The equilibrium price for this market is $150,000.

What is the surplus at $200,000?

The supply at $200,000 is 800 houses and the demand is 400 houses.

The surplus would be their difference which is:

= 800 - 400

= 400 houses

What is the equilibrium price?

This is the price where supply and demand are equal. This point is where both the supply and demand curves intersect.

That price is $150,000.

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