The supply and demand schedules for the umbrella market are given below: TABLE 3-2 Refer to Table 3-2.At a price of ________ there would be an excess ________of 150 umbrellas.

Question

The supply and demand schedules for the umbrella market are given below:  TABLE 3-2 Refer to Table 3-2.At a price of ________ there would be an excess ________of 150 umbrellas.

Quizplus · Accepted Answer

At a price of $15, the quantity demanded is 200 and the quantity supplied is 50, resulting in an excess demand of 150 umbrellas. None of the other choices would result in an excess demand of 150 umbrellas.

The Supply and Demand Schedules for the Umbrella Market Are