Use the following to answer question:
-(Table: The Market for Chocolate-Covered Peanuts)Use Table: The Market for Chocolate-Covered Peanuts.If the price of chocolate-covered peanuts is $0.80,there is a monthly:
A)surplus of 140 bags per month.
B)shortage of 140 bags per month.
C)surplus of 70 bags per month.
D)shortage of 70 bags per month.

Question

Use the following to answer question: 
-(Table: The Market for Chocolate-Covered Peanuts)Use Table: The Market for Chocolate-Covered Peanuts.If the price of chocolate-covered peanuts is $0.80,there is a monthly:
A)surplus of 140 bags per month. 
B)shortage of 140 bags per month. 
C)surplus of 70 bags per month. 
D)shortage of 70 bags per month.

Quizplus · Accepted Answer

At a price of $0.80, if the quantity supplied exceeds the quantity demanded, it results in a surplus. The specific numbers for supply and demand at this price point, which would indicate the exact surplus, are not provided here, but the concept applies.

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