At the Farmer's Market in Irvine,California,the Price of Avocados Is

question 58

Essay

At the farmer's market in Irvine,California,the price of avocados is set at $3 each.At that price,120 avocados are supplied but only 100 are purchased.Represent this on a supply and demand graph and answer the following questions:
a.Is there a shortage or surplus of avocados? How much is the shortage or surplus?
b.Without any government intervention,what will happen to the price and quantity of avocados?
c.Represent part b on a graph.

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Definitions:

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