1 answer

25 Use the following Supply and Demand Schedule for slices of pizza for the below question....

Question:

25 Use the following Supply and Demand Schedule for slices of pizza for the below question. Price Quantity Demanded Quantity
25 Use the following Supply and Demand Schedule for slices of pizza for the below question. Price Quantity Demanded Quantity Supplied $2.50 300 $3.00 275 $3.50 150 $4.00 100 200 $4.50 70 300 $5.00 45 400 What would happen at a price of $3.00? Select one: a. A shortage of 200 b. A surplus of 200 c. This is an equilibrium point d. Increase in quality demanded

Answers

At the price level of $3, the demand in the market is at 275 and the supply is 75, so there will be a shortage of 200. the answer is "A", a shortage of 200.

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