The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4

-Refer to Table 3.4. In the market represented by this table, at equilibrium:
A)the market price is $5 per unit.
B)there is a surplus of 900 units.
C)there is a shortage of 900 units.
D)900 units are traded at a price of $3 per unit.
E)the market price is $1 per unit and the quantity traded is 500 units.

Question

The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4
 
-Refer to Table 3.4. In the market represented by this table, at equilibrium:
A)the market price is $5 per unit. 
B)there is a surplus of 900 units. 
C)there is a shortage of 900 units. 
D)900 units are traded at a price of $3 per unit. 
E)the market price is $1 per unit and the quantity traded is 500 units.

Quizplus · Accepted Answer

The Answer of The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4
 
-Refer to Table 3.4. In the market represented by this table, at equilibrium:
A)the market price is $5 per unit. 
B)there is a surplus of 900 units. 
C)there is a shortage of 900 units. 
D)900 units are traded at a price of $3 per unit. 
E)the market price is $1 per unit and the quantity traded is 500 units.

The Table Given Below Reports the Quantity Demanded and Supplied