Exhibit 3-14 Refer to Exhibit 3-14. At a price of $12, there is a ____________ unit ____________ of good X.
A)195; shortage
B)230; shortage
C)195; surplus
D)230; surplus
E)180; shortage

Question

Exhibit 3-14  Refer to Exhibit 3-14.  At a price of $12, there is a ____________ unit  ____________ of good X.
A)195; shortage 
B)230; shortage 
C)195; surplus 
D)230; surplus 
E)180; shortage

Quizplus · Accepted Answer

At a price of $12, the quantity demanded of good X is 265, while the quantity supplied is only 35. This creates a shortage of 230 units.