Use the following to answer questions: Table: Equilibrium Price, Quantity $$\begin{array} { c c c }
\hline \boldsymbol { P } & \boldsymbol { Q } _ { \mathbf { d } } & \boldsymbol { Q } _ { \mathbf { s } } \
\hline \$ 10 & 50 & 30 \
12 & 45 & 35 \
14 & 40 & 40 \
16 & 35 & 45 \
18 & 30 & 50 \
\hline
\end{array}$$
-(Table: Equilibrium Price, Quantity) Refer to the table. If the price in the market was $16, there would be a:
A) shortage of 10 units.
B) shortage of 35 units.
C) surplus of 10 units.
D) surplus of 45 units.

Question

Use the following to answer questions: Table: Equilibrium Price, Quantity $$\begin{array} { c c c } 
\hline \boldsymbol { P } & \boldsymbol { Q } _ { \mathbf { d } } & \boldsymbol { Q } _ { \mathbf { s } } \
\hline \$ 10 & 50 & 30 \
12 & 45 & 35 \
14 & 40 & 40 \
16 & 35 & 45 \
18 & 30 & 50 \
\hline
\end{array}$$
-(Table: Equilibrium Price, Quantity) Refer to the table. If the price in the market was $16, there would be a:
A) shortage of 10 units.
B) shortage of 35 units.
C) surplus of 10 units.
D) surplus of 45 units.

Quizplus · Accepted Answer

At a price of $16, the quantity demanded (Qd) is 35 units and the quantity supplied (Qs) is 45 units, resulting in a surplus of 10 units (Qs - Qd = 45 - 35 = 10).

Use the Following to Answer Questions: Table: Equilibrium Price, Quantity