$\text { Figure } 3-10$$$\begin{array} { | c c c | }

\hline \begin{array} { c }
\text { Price } \
\text { Per Pair }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline \$ 2 & 18 & 3 \
\$ 4 & 14 & 4 \
\$ 6 & 10 & 5 \
\$ 8 & 6 & 6 \
\$ 10 & 2 & 8 \
\hline
\end{array}$$
-In the supply and demand for socks schedules in Figure 3-10,a price of $10 per pair results in
A) equilibrium
B) excess demand of 6 pairs
C) excess supply of 14 pairs
D) excess supply of 6 pairs
E) excess demand of 14 pairs

Question

$\text { Figure } 3-10$$$\begin{array} { | c c c | }

\hline  \begin{array} { c } 
\text { Price } \
\text { Per Pair }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline \$ 2 & 18 & 3 \
\$ 4 & 14 & 4 \
\$ 6 & 10 & 5 \
\$ 8 & 6 & 6 \
\$ 10 & 2 & 8 \
\hline
\end{array}$$
-In the supply and demand for socks schedules in Figure 3-10,a price of $10 per pair results in
A) equilibrium
B) excess demand of 6 pairs
C) excess supply of 14 pairs
D) excess supply of 6 pairs
E) excess demand of 14 pairs

Quizplus · Accepted Answer

At a price of $10 per pair, the quantity demanded is only 2 but the quantity supplied is 8. This means there is an excess supply of 6 pairs (8 - 2), making choice D the correct answer. Equilibrium occurs at the price of $6 per pair, where the quantity demanded and quantity supplied are both 5.

Figure 3−10\text { Figure } 3-10 Figure 3−10 -In the Supply and Demand for Socks Schedules in Figure

$\text { Figure } 3-10$ -In the Supply and Demand for Socks Schedules in Figure