Exhibit 3-8 Demand and Supply Data for Video Games $$\begin{array} { | c | c | c | }
\hline \text { Price } & \begin{array} { c }
\text { Quantity Demanded } \
\text { of Video Games }
\end{array} & \begin{array} { c }
\text { Quantity Supplied } \
\text { of Video Games }
\end{array} \
\hline \$ 75 & 400 & 900 \
70 & 450 & 850 \
65 & 500 & 800 \
60 & 550 & 750 \
55 & 600 & 700 \
50 & 650 & 650 \
45 & 700 & 600 \
40 & 750 & 550 \
\hline
\end{array}$$ Exhibit 3-8 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an ____________ of ______________ video games in this market.

Question

Exhibit 3-8  Demand and Supply Data for Video Games $$\begin{array} { | c | c | c | } 
\hline \text { Price } & \begin{array} { c } 
\text { Quantity Demanded } \
\text { of Video Games }
\end{array} & \begin{array} { c } 
\text { Quantity Supplied } \
\text { of Video Games }
\end{array} \
\hline \$ 75 & 400 & 900 \
70 & 450 & 850 \
65 & 500 & 800 \
60 & 550 & 750 \
55 & 600 & 700 \
50 & 650 & 650 \
45 & 700 & 600 \
40 & 750 & 550 \
\hline
\end{array}$$ Exhibit 3-8 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an ____________ of ______________ video games in this market.

Quizplus · Accepted Answer

At a price of $70, the quantity demanded is 450 video games, and the quantity supplied is 850 video games. The difference between the quantity supplied and the quantity demanded at this price is 400 video games, indicating an excess supply of 400.

Exhibit 3-8 Demand and Supply Data for Video Games Exhibit 3-8 Presents Supply and Demand Data for the Video