SOLUTION: Suppose in the market for banana. When the price is $2, the quantity demanded for banana is 19, and the quantity supplied is 12. What's the amount of shortage in the market?

Algebra ->  Finance -> SOLUTION: Suppose in the market for banana. When the price is $2, the quantity demanded for banana is 19, and the quantity supplied is 12. What's the amount of shortage in the market?       Log On


   

Question 1196380: Suppose in the market for banana. When the price is $2, the quantity demanded for banana is 19, and the quantity supplied is 12. What's the amount of shortage in the market?

Answer by math_tutor2020(3817) About Me  (Show Source):
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Answer: shortage of 7 bananas

Reason:
Subtract the amount supplied and amount demanded
supplied - demanded = 12 - 19 = -7
The negative result shows we have a shortage of 7 bananas