At a price of $1 per table,the quantity supplied of tables is 100 units,whereas the quantity demanded is 70 units.Given this information,which of the following statements is true?
A) The equilibrium price is $1 per table.
B) The market clearing price is $1 per table.
C) At a price of $1 per table, there is a surplus in the market.
D) At a price of $1 per table, there is a shortage in the market.
Correct Answer:
Verified
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