Table 4-13
The demand schedule below pertains to sandwiches demanded per week.
-Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: • x = 2.
• The current price of a sandwich is $3.00.
• The market quantity supplied of sandwiches is 5.
• The slope of the supply curve is 1.
Then there is currently a
A)shortage of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
B)shortage of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.
C)surplus of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
D)surplus of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.

Question

Table 4-13
The demand schedule below pertains to sandwiches demanded per week. 
-Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: • x = 2.
• The current price of a sandwich is $3.00.
• The market quantity supplied of sandwiches is 5.
• The slope of the supply curve is 1.
Then there is currently a
A)shortage of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00. 
B)shortage of 5 sandwiches, and the equilibrium price of a sandwich is $5.00. 
C)surplus of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00. 
D)surplus of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.

Quizplus · Accepted Answer

The current price is $3.00, and the quantity supplied is 5. With a slope of 1, the supply curve suggests that the equilibrium price is higher than $3.00, leading to a shortage. The equilibrium price is between $3.00 and $5.00.

Table 4-13 The Demand Schedule Below Pertains to Sandwiches Demanded Per Week