Complete the problem by using the accompanying figure, which shows a supply function and a demand function. (Assume price is measured in dollars.)
demand-supply
Match the question with the correct answer.

-
If the price is $38 what quantity is supplied?	a. 4 units

-
Is there a surplus or shortage when the price is $38?	b. 52 units

-
If the price is $38, what quantity is demanded?	c. 56 units

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How many units is the surplus or shortage?	d. surplus

To complete the problem, we'll match the correct answers for each question based on the given price of $38, assuming the figure displays both the demand and supply functions.

Here’s the breakdown:

1. **If the price is $38, what quantity is supplied?**  
   - a. 4 units

2. **If the price is $38, is there a surplus or shortage?**  
   - d. surplus

3. **If the price is $38, what quantity is demanded?**  
   - c. 56 units

4. **How many units is the surplus or shortage?**  
   - b. 52 units

The matching answers would be:

- **Price of $38, quantity supplied**: 4 units.
- **At $38, is there a surplus or shortage**: surplus.
- **At $38, quantity demanded**: 56 units.
- **Units of surplus**: 52 units (since the demand is 56 units and supply is only 4 units, the surplus is the difference: 56 - 4 = 52).

Would you like to go into more details or have any questions?

Here are 5 additional related questions to expand your understanding:

1. What happens to the quantity supplied if the price increases above $38?
2. How does a shortage occur in a supply-demand situation?
3. At what price would supply equal demand (equilibrium)?
4. How does the concept of elasticity affect supply and demand?
5. What are the factors that could shift the demand curve?

**Tip:** When supply exceeds demand at a given price, a surplus occurs, which often leads to a drop in price as sellers try to clear excess inventory.

Complete the problem by using the accompanying figure, which shows a supply function and a demand function. (Assume price is measured in dollars.)

- If the price is $38, what quantity is supplied? a. 4 units
- Is there a surplus or shortage when the price is $38? b. 52 units
- If the price is $38, what quantity is demanded? c. 56 units
- How many units is the surplus or shortage? d. surplus

Understand how to analyze supply and demand functions by using a price of $38. This problem includes calculating the surplus when demand exceeds supply, with a detailed step-by-step breakdown. Suitable for high school students in Grades 9-12.

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