The supply and demand schedules for the umbrella market are given below: $$\begin{array}{l}
\begin{array} { | l | l | l | }
\hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \
\hline \$ 10 & 400 & 700 \
\hline \$ 15 & 500 & 650 \
\hline \$ 20 & 600 & 600 \
\hline \$ 25 & 700 & 550 \
\hline \$ 30 & 800 & 500 \
\hline
\end{array}\
\text { TABLE } 3 - 2
\end{array}$$
-Refer to Table 3- 2. What number of umbrellas would actually be purchased if the price in this market were $10?

Question

The supply and demand schedules for the umbrella market are given below: $$\begin{array}{l}
\begin{array} { | l | l | l | } 
\hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \
\hline \$ 10 & 400 & 700 \
\hline \$ 15 & 500 & 650 \
\hline \$ 20 & 600 & 600 \
\hline \$ 25 & 700 & 550 \
\hline \$ 30 & 800 & 500 \
\hline
\end{array}\
\text { TABLE } 3 - 2
\end{array}$$
-Refer to Table 3- 2. What number of umbrellas would actually be purchased if the price in this market were $10?

Quizplus · Accepted Answer

At a price of $10, the quantity supplied is 400, which is the maximum number of umbrellas that can be purchased despite the higher quantity demanded of 700.

The Supply and Demand Schedules for the Umbrella Market Are