Assume the figure to the right illustrates the market for houses for sale in a small city. 300 Suppose the market price of houses is $225,000. How large will the resulting surplus be? Supply 275 250- At a price of $225,000, there will be surplus houses. (Enter your response as a whole number.) 225 200- What is the equilibrium price of houses? 175- The equilibrium price is $. (Enter your response as a whole number.) e 150- 125- 100- 75- 50- 25- Demand Price ($1000s)

Assume the figure to the right illustrates the market for houses for sale in a small city. 300 Suppose the market price of houses is $225,000. How large will the resulting surplus be? Supply 275 250- At a price of $225,000, there will be surplus houses. (Enter your response as a whole number.) 225 200- What is the equilibrium price of houses? 175- The equilibrium price is $. (Enter your response as a whole number.) e 150- 125- 100- 75- 50- 25- Demand Price ($1000s)

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 2WNG

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