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Table 4-9 The Demand Schedule Below Pertains to Sandwiches Demanded Per Week

Question 352

Multiple Choice

Table 4-9
The demand schedule below pertains to sandwiches demanded per week.
Table 4-9 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-9.Suppose Harry,Darby,and Jake are the only demanders of sandwiches.Also suppose the following: • x = 2. • The current price of a sandwich is $3.00. • The market quantity supplied of sandwiches is 5. • The slope of the supply curve is 1. Then there is currently a A) shortage of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00. B) shortage of 5 sandwiches, and the equilibrium price of a sandwich is $5.00. C) surplus of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00. D) surplus of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.
-Refer to Table 4-9.Suppose Harry,Darby,and Jake are the only demanders of sandwiches.Also suppose the following: • x = 2.
• The current price of a sandwich is $3.00.
• The market quantity supplied of sandwiches is 5.
• The slope of the supply curve is 1.
Then there is currently a


A) shortage of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
B) shortage of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.
C) surplus of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
D) surplus of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.

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