-The above table shows the demand schedule and supply schedule for chocolate chip cookies. If the price is $4.00 per pound, there is a

Name: -The above table shows the demand schedule and supply schedule for chocolate chip cookies. If the price is $4.00 per pound, there is a
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A shortage occurs when the quantity demanded exceeds the quantity supplied. If the demand schedule shows 8 pounds demanded at $4.00 and the supply schedule shows 5 pounds supplied, there is a shortage of 3 pounds.

-The Above Table Shows the Demand Schedule and Supply Schedule