Refer to the information provided in Table 3.1 below to answer the questions that follow.
Table 3.1

-Refer to Table 3.1. If the price per pizza is $3, the price will

Question

Refer to the information provided in Table 3.1 below to answer the questions that follow.
Table 3.1
 
-Refer to Table 3.1. If the price per pizza is $3, the price will

Quizplus · Accepted Answer

According to the table, at a price of $3, the quantity demanded is 5 pizzas while the quantity supplied is only 2 pizzas. This creates an excess demand of 3 pizzas, indicating that consumers are willing to buy more pizzas than what is available in the market. In such a scenario, suppliers can increase the price of pizzas to maximize their profits. Therefore, the price per pizza is likely to increase from $3 to a higher level, as indicated in option (C).

Refer to the Information Provided in Table 3