Exhibit 4-1 Supply and demand data $$\begin{array} { | c | c | c | }
\hline \text { Price } & \begin{array} { c }
\text { Quantity } \
\text { demanded }
\end{array} & \begin{array} { r }
\text { Quantity } \
\text { supplied }
\end{array} \
\hline \$ 1.00 & 500 & 50 \
1.50 & 450 & 150 \
2.00 & 400 & 250 \
2.50 & 300 & 300 \
3.00 & 150 & 350 \
\hline
\end{array}$$
-Exhibit 4-1 shows that at a price of $3.00,
A) the market is in equilibrium.
B) there will be excess quantity demanded.
C) there will be excess quantity supplied.
D) there is a price ceiling in effect.

Question

Exhibit 4-1 Supply and demand data $$\begin{array} { | c | c | c | } 
\hline \text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { demanded }
\end{array} & \begin{array} { r } 
\text { Quantity } \
\text { supplied }
\end{array} \
\hline \$ 1.00 & 500 & 50 \
1.50 & 450 & 150 \
2.00 & 400 & 250 \
2.50 & 300 & 300 \
3.00 & 150 & 350 \
\hline
\end{array}$$ ​
-Exhibit 4-1 shows that at a price of $3.00,
A) the market is in equilibrium.
B) there will be excess quantity demanded.
C) there will be excess quantity supplied.
D) there is a price ceiling in effect.

Quizplus · Accepted Answer

At a price of $3.00, the quantity supplied (350) exceeds the quantity demanded (150), resulting in excess quantity supplied.

Exhibit 4-1 Supply and Demand Data ​ -Exhibit 4-1 Shows That at a Price of $3

Exhibit 4-1 Supply and Demand Data
-Exhibit 4-1 Shows That at a Price of $3