Table 7-3
Market supply and demand for good X
$\begin{array}{|c|c|c|}
\hline \text { Price (\$) } & \text { Quantity demanded } & \text { Quantity supplied } \
\hline 12.00 & 0 & 36 \
\hline 10.00 & 12 & 30 \
\hline 8.00 & 24 & 24 \
\hline 6.00 & 36 & 18 \
\hline 4.00 & 48 & 12 \
\hline 2.00 & 60 & 6 \
\hline 0.00 & 72 & 0 \
\hline
\end{array}$
-Refer to Table 7-3.At a price of $6.00, total surplus would be:
A)more than it would be at the equilibrium price
B)less than it would be at the equilibrium price
C)the same as it would be at the equilibrium price
D)there is insufficient information to say

Question

Table 7-3
Market supply and demand for good X
 $\begin{array}{|c|c|c|}
\hline \text { Price (\$) } & \text { Quantity demanded } & \text { Quantity supplied } \
\hline 12.00 & 0 & 36 \
\hline 10.00 & 12 & 30 \
\hline 8.00 & 24 & 24 \
\hline 6.00 & 36 & 18 \
\hline 4.00 & 48 & 12 \
\hline 2.00 & 60 & 6 \
\hline 0.00 & 72 & 0 \
\hline
\end{array}$
-Refer to Table 7-3.At a price of $6.00, total surplus would be:
A)more than it would be at the equilibrium price
B)less than it would be at the equilibrium price
C)the same as it would be at the equilibrium price
D)there is insufficient information to say

Quizplus · Accepted Answer

At a price of $6.00, the quantity supplied is 3, while the quantity demanded is 7, resulting in a shortage of 4. This means that some consumers willing to pay more than $6.00 are unable to purchase the good, while some producers willing to accept less than $6.00 cannot sell their goods. As a result, there is a loss in consumer and producer surplus, leading to a decrease in total surplus compared to the equilibrium price.

Table 7-3 Market Supply and Demand for Good X -Refer to Table 7-3

Table 7-3
Market Supply and Demand for Good X -Refer to Table 7-3