Use the accompanying graph to answer the questions.
a. What is the equilibrium price and equilibrium quantity?
b. At the price of $5, is there a shortage or a surplus? What is the amount of this shortage or surplus?
c. At the price of $15, is there a shortage or a surplus? What is the amount of this shortage or surplus?
Definitions:
Interest Rates
Interest rates represent the cost of borrowing money, expressed as a percentage of the loan amount, paid by the borrower to the lender for the use of funds.
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