The table given below shows the quantity supplied and the quantity demanded for a good at different prices. If the price of the good described in the table given below is $1.50, then:

Question

Quizplus · Accepted Answer

At $1.50, the quantity supplied is 100 and the quantity demanded is also 100. This means that the market is in equilibrium, as the quantity supplied and quantity demanded are equal at this price level. There is neither a shortage nor a surplus in the market, and there is no information to suggest that the supply or demand will increase by 30 units.

The Table Given Below Shows the Quantity Supplied and the Quantity