Exhibit 3-8 Demand and Supply Data for Video Games $$\begin{array} { | c | c | c | }
\hline \text { Price } & \begin{array} { c }
\text { Quantity Demanded } \
\text { of Video Games }
\end{array} & \begin{array} { c }
\text { Quantity Supplied } \
\text { of Video Games }
\end{array} \
\hline \$ 75 & 400 & 900 \
70 & 450 & 850 \
65 & 500 & 800 \
60 & 550 & 750 \
55 & 600 & 700 \
50 & 650 & 650 \
45 & 700 & 600 \
40 & 750 & 550 \
\hline
\end{array}$$ In Exhibit 3-8, at any market price of video games above $50, a(n) ______________ would result, causing price to __________.

Question

Exhibit 3-8  Demand and Supply Data for Video Games $$\begin{array} { | c | c | c | } 
\hline \text { Price } & \begin{array} { c } 
\text { Quantity Demanded } \
\text { of Video Games }
\end{array} & \begin{array} { c } 
\text { Quantity Supplied } \
\text { of Video Games }
\end{array} \
\hline \$ 75 & 400 & 900 \
70 & 450 & 850 \
65 & 500 & 800 \
60 & 550 & 750 \
55 & 600 & 700 \
50 & 650 & 650 \
45 & 700 & 600 \
40 & 750 & 550 \
\hline
\end{array}$$ In Exhibit 3-8, at any market price of video games above $50, a(n) ______________ would result, causing price to __________.

Quizplus · Accepted Answer

At any market price above $50, the quantity supplied exceeds the quantity demanded, indicating excess supply. This surplus would put downward pressure on prices, causing them to fall.

Exhibit 3-8 Demand and Supply Data for Video Games In Exhibit 3-8, at Any Market Price of Video Games