Multiple Choice
Exhibit 3-8 Demand and Supply Data for Video Games
| Price | Quantity Demanded of Video Games | Quantity Supplied of Video Games |
| $75 | 400 | 900 |
| 70 | 450 | 850 |
| 65 | 500 | 800 |
| 60 | 550 | 750 |
| 55 | 600 | 700 |
| 50 | 650 | 650 |
| 45 | 700 | 600 |
| 40 | 750 | 550 |
-Exhibit 3-8 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an ____________ of ______________ video games in this market.
A) excess demand; 450
B) excess demand; 500
C) excess supply; 400
D) excess supply; 850
Correct Answer:
Verified
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