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What happens in the market for corn if producers expect a future price increase, and begin to put production into storage?
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3. Supply and Demand
Overview of Supply and Demand Shifts
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In a market where the equilibrium price is achieved when 25 units of a good are supplied, how many goods must be supplied to achieve equilibrium?
A
20
B
30
C
25
D
15
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Understand that the equilibrium quantity in a market is the quantity at which the quantity supplied equals the quantity demanded.
Identify from the problem that the equilibrium price is achieved when 25 units are supplied, meaning the equilibrium quantity is 25 units.
Recognize that to achieve equilibrium, the quantity supplied must be exactly 25 units, as this is the point where supply and demand balance.
Compare the given options (20, 30, 25, 15) to the equilibrium quantity and select the quantity that matches the equilibrium condition.
Conclude that the number of goods that must be supplied to achieve equilibrium is the quantity where supply equals demand, which is 25 units.
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