The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the price of the good described in the table below is $1.60,then an economist would expect the:
$$\begin{array}{l}
\text { Table } 4.1\
\begin{array} { | r | r | r | }
\hline { \text { Price(\$) } } & { \begin{array} { l }
\text { Quantity } \
\text { demanded }
\end{array} } & { \begin{array} { l }
\text { Quantity } \
\text { supplied }
\end{array} } \
\hline 1 & 100 & 10 \
\hline 1.2 & 90 & 30 \
\hline 1.4 & 80 & 50 \
\hline 1.5 & 70 & 70 \
\hline 1.6 & 60 & 90 \
\hline
\end{array}
\end{array}$$

Question

The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the price of the good described in the table below is $1.60,then an economist would expect the:
$$\begin{array}{l}
\text { Table } 4.1\
\begin{array} { | r | r | r | } 
\hline { \text { Price(\$) } } & { \begin{array} { l } 
\text { Quantity } \
\text { demanded }
\end{array} } & { \begin{array} { l } 
\text { Quantity } \
\text { supplied }
\end{array} } \
\hline 1 & 100 & 10 \
\hline 1.2 & 90 & 30 \
\hline 1.4 & 80 & 50 \
\hline 1.5 & 70 & 70 \
\hline 1.6 & 60 & 90 \
\hline
\end{array}
\end{array}$$

Quizplus · Accepted Answer

At a price of $1.60, the quantity supplied (90 units) exceeds the quantity demanded (60 units), leading to a surplus. Economists would expect the price to decrease to eliminate this surplus, and the table shows that at $1.50, the quantity supplied equals the quantity demanded (70 units), restoring market equilibrium.

The Table Given Below Shows the Quantity Supplied and the Quantity