Exhibit 3-14 Refer to Exhibit 3-14. At a price of $10, there is a ____________ of ____________ units of good X.
A)surplus; 340
B)shortage; 230
C)surplus; 60
D)shortage; 340
E)shortage; 270

Question

Exhibit 3-14  Refer to Exhibit 3-14.  At a price of $10, there is a ____________ of  ____________ units of good X.
A)surplus; 340 
B)shortage; 230 
C)surplus; 60 
D)shortage; 340 
E)shortage; 270

Quizplus · Accepted Answer

At a price of $10, the quantity demanded is 170 and the quantity supplied is 510, resulting in a surplus of 340 units of good X. Therefore, the correct choice is D, shortage of 340 units.