Solved

The Table Below Displays Hypothetical Demand and Supply Schedules for the Market

Question 22

Multiple Choice

The table below displays hypothetical demand and supply schedules for the market for overnight parcel deliveries in Canada.  Quantity  Demanded  (millions)   Quantity  Supplied  (millions)   Price ($)   Year 1  Year 2  Year 1  Year 2 308095140125269010513512022100115130115181101251251101412013512010510130145115100\begin{array} { | c | c | c | c | c | c | } \hline & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (millions) }\end{array} && & \begin{array} { c } \text { Quantity } \\\text { Supplied } \\\text { (millions) }\end{array} & \\\hline \text { Price (\$) } & \text { Year 1 } & \text { Year 2 } & & \text { Year 1 } & \text { Year 2 } \\\hline & & & & & \\\hline 30 & 80 & 95 & & 140 & 125 \\\hline 26 & 90 & 105 & & 135 & 120 \\\hline 22 & 100 & 115 & & 130 & 115 \\\hline 18 & 110 & 125 & & 125 & 110 \\\hline 14 & 120 & 135 & & 120 & 105 \\\hline 10 & 130 & 145 & & 115 & 100 \\\hline\end{array} TABLE 3- 3
-At the market- clearing price for a commodity


A) prices will remain unchanged,even if there is excess demand.
B) there will never again be any pressure for prices to change,independent of what happens to demand or supply.
C) shifts in the supply or demand curves will not cause price changes.
D) the quantity supplied of the commodity equals quantity demanded.
E) there may be excess demand for a product but not excess supply.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents