Use the table below to answer the following questions.
Price dollars per unit)
Table 3.4.1
Quantity Demanded
Quantity Supplied units)
-Refer to Table 3.4.1.A shortage occurs if

Question

Use the table below to answer the following questions.
Price dollars per unit)
Table 3.4.1
Quantity Demanded
  Quantity Supplied units)
-Refer to Table 3.4.1.A shortage occurs if

Quizplus · Accepted Answer

A shortage occurs when the price is set below the equilibrium price, causing demand to exceed supply. Without seeing Table 3.4.1, the correct answer can be inferred based on economic principles. If $4 is mentioned as a specific price point, and options are given for prices both above and below $4, it suggests that $4 might be close to the equilibrium price. Saying a shortage occurs below $4 implies that at $4, the market might be at or near equilibrium, and any lower price would increase demand beyond supply, leading to a shortage.

Use the Table Below to Answer the Following Questions