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Question
Microeconomics
Posted 4 months ago

The market for hamster food is shown here.

Which of the following represents the shortage that would result in this market at a price of P5P_{5} ?

Choose 1 answer:
(A) QCQAQ_{C}-Q_{A}
(B) QBQCQ_{B}-Q_{C}
(c) QCQ_{C}
() QAQBQ_{A}-Q_{B}
() QAQ_{A}
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Answer from Sia
Posted 4 months ago
Solution
a
Shortage Definition: A shortage occurs when the quantity demanded exceeds the quantity supplied at a given price
b
Price Level: At price P5P_5, the quantity demanded (QCQ_C) is greater than the quantity supplied (QAQ_A)
c
Shortage Calculation: The shortage is calculated as the difference between the quantity demanded and the quantity supplied, which is QCQAQ_C - Q_A
Answer
(A) QCQAQ_{C}-Q_{A}
Key Concept
Shortage occurs when demand exceeds supply at a given price.
Explanation
At price P5P_5, the quantity demanded (QCQ_C) is greater than the quantity supplied (QAQ_A), resulting in a shortage of QCQAQ_C - Q_A.

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