Q.1. The market for pizza has the following demand and supply schedules: PRICE( in S) QUANTITY DEMANDED QUANTITY SUPPLIED 135 104 6749st 5 8 81 68 53 39 26 53 81 98 110 121 a. Graph the demand and supply curves b. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price, what would drive the market back toward the equilibrium?

Q.1. The market for pizza has the following demand and supply schedules: PRICE( in S) QUANTITY DEMANDED QUANTITY SUPPLIED 135 104 6749st 5 8 81 68 53 39 26 53 81 98 110 121 a. Graph the demand and supply curves b. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price, what would drive the market back toward the equilibrium?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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