Table: Supply and Demand Schedule $$\begin{array} { c c c }
\hline \text { Price per Unit } & \text { Quantity Demanded } & \text { Quantity Supplied } \
\hline \$ 17 & 80 & 97 \
\$ 15 & 88 & 88 \
\$ 13 & 96 & 79 \
\$ 11 & 104 & 71 \
\hline
\end{array}$$ In the table, a surplus occurs at a price ________, and a shortage occurs at a price _________.
A) of $17; below $15
B) of $15; above $15
C) above $15; of $15
D) above $11; below $17

Question

Table: Supply and Demand Schedule $$\begin{array} { c c c } 
\hline \text { Price per Unit } & \text { Quantity Demanded } & \text { Quantity Supplied } \
\hline \$ 17 & 80 & 97 \
\$ 15 & 88 & 88 \
\$ 13 & 96 & 79 \
\$ 11 & 104 & 71 \
\hline
\end{array}$$ In the table, a surplus occurs at a price ________, and a shortage occurs at a price _________.
A) of $17; below $15
B) of $15; above $15
C) above $15; of $15
D) above $11; below $17

Quizplus · Accepted Answer

At a price of $17, the quantity supplied (97) is greater than the quantity demanded (80), resulting in a surplus. At a price below $15, the quantity demanded (88) is greater than the quantity supplied (79), resulting in a shortage.

Table: Supply and Demand Schedule In the Table, a Surplus Occurs at a Price ________