(figure: the demand and supply of quinoa) use figure: the demand and supply of quinoa. if the price of…

(figure: the demand and supply of quinoa) use figure: the demand and supply of quinoa. if the price of quinoa is $10 per bushel, a ____ of ____ bushels per period will result.\n\nprice (per bushel)\n\n$10\n\n9\n\n8\n\n7\n\n6\n\n5\n\n4\n\n3\n\n2\n\n1\n\n0\n\n2 4 6 8 10 12\n\nquantity of quinoa (thousands of bushels per period)\n\no shortage; 10,000\no shortage; 8,000\no surplus; 8,000\no surplus; 4,000

(figure: the demand and supply of quinoa) use figure: the demand and supply of quinoa. if the price of quinoa is $10 per bushel, a ____ of ____ bushels per period will result.\n\nprice (per bushel)\n\n$10\n\n9\n\n8\n\n7\n\n6\n\n5\n\n4\n\n3\n\n2\n\n1\n\n0\n\n2 4 6 8 10 12\n\nquantity of quinoa (thousands of bushels per period)\n\no shortage; 10,000\no shortage; 8,000\no surplus; 8,000\no surplus; 4,000

Answer

Explanation:

Step1: Find quantity demanded at $10

Read from graph, quantity demanded is 2000.

Step2: Find quantity supplied at $10

Read from graph, quantity supplied is 10000.

Step3: Calculate difference

$10000 - 2000=8000$, it's a surplus.

Answer:

surplus; 8,000