Market equilibrium quick check

The equilibrium price for this market is _______.

$20

for a given market, the equilibrium quantity of the good or service will decrease if ______.

Demand decreases and supply decreases

In the market for apartment housing, the quantity of available apartments is observed to be less than a number of renters who are willing and able to pay the market price of an apartment in this scenario the market is said to be _______.

in disequilibrium because there is a shortage of apartments on the market

The supply and demand curve for a market are graphed below with price in dollars and quantity in thousands. Which of the following would result from an increase in the supply curve?

A market equilibrium price less than $30

in a given market, the market equilibrium price and quantity are $120 and 5 million units, respectively. At a price of $100, 4.8 million units are supplied, in 5.2 million units are demanded. It can be said that at a price level of $100 there is a _______.

A shortage of 0.4 million units