The figure below shows the supply and demand curves for jeans in Smallville. At a price of $60 per pair, there will be an excess ________ of ________ pairs of jeans per day.
A)supply; 24
B)supply; 16
C)demand; 16
D)demand; 8

Question

The figure below shows the supply and demand curves for jeans in Smallville.  At a price of $60 per pair, there will be an excess ________ of ________ pairs of jeans per day.
A)supply; 24 
B)supply; 16 
C)demand; 16 
D)demand; 8

Quizplus · Accepted Answer

At $60 per pair, the quantity of jeans supplied is 24 pairs per day and the quantity demanded is 8 pairs per day, implying an excess supply of 16 pairs per day.

The Figure Below Shows the Supply and Demand Curves for Jeans