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Suppose That the Table Shown Shows the Demand and Supply

Question 108

Multiple Choice

Suppose that the table shown shows the demand and supply schedules for pork bellies. There is a shortage of 15,000 pounds at a price of:  Price  ($/lb.)   Quantity demanded (lbs.)   Quantity Supplied (lbs.)  $0.1030,0005,000$0.2025,00010,000$0.5020,00020,000$0.7515,00030,000$0.955,00040,000\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price } \\\text { (\$/lb.) }\end{array} & \text { Quantity demanded (lbs.) } & \text { Quantity Supplied (lbs.) } \\\hline \$ 0.10 & 30,000 & 5,000 \\\hline \$ 0.20 & 25,000 & 10,000 \\\hline \$ 0.50 & 20,000 & 20,000 \\\hline \$ 0.75 & 15,000 & 30,000 \\\hline \$ 0.95 & 5,000 & 40,000 \\\hline\end{array}


A) $0.25.
B) $0.50.
C) $0.75.
D) $0.95.

Correct Answer:

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