What is the equilibrium quantity that will be bought and sol

What is the equilibrium quantity that will be bought and sold in this market? 1700 1000 850 Not enough information provided to determine If the price in the market is initially set at $4, what is the result in the market, and what will eventually have to happen to move the market to equilibrium? Shortage, price increase Shortage, price decrease Surplus, price increase Surplus, price decrease

Solution

10. The equilibrium quantity is 850

11. If price is $4 = Shortage of demand It means supply is higher then demand so price will decrease.