Use the following to answer questions:
Figure: Price and Quantity 1
-(Figure: Price and Quantity 1) In the diagram, at a price of $80, the quantity demanded is ______, the quantity supplied is ______, and there is ______.
A) 20; 80; a surplus of 60 units
B) 80; 20, a surplus of 60 units
C) 80; 20, a shortage of 60 units
D) 20; 20; no surplus or shortage

Question

Use the following to answer questions:
Figure: Price and Quantity 1 
-(Figure: Price and Quantity 1) In the diagram, at a price of $80, the quantity demanded is ______, the quantity supplied is ______, and there is ______.
A) 20; 80; a surplus of 60 units 
B) 80; 20, a surplus of 60 units 
C) 80; 20, a shortage of 60 units 
D) 20; 20; no surplus or shortage

Quizplus · Accepted Answer

At a price of $80, the quantity demanded is 20 units, the quantity supplied is 80 units, resulting in a surplus of 60 units.

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