The numbers in the table below characterize the market for raccoon skins in Minnesota during the 2010-2011 trapping season. The demand schedule that prevailed in November and December of 2010 is denoted by "Original Quantity Demanded," and the demand schedule that prevailed from late January onward is denoted by "Quantity Demanded-Late January."

-Refer to the table above.Given the original demand,at a price of $22 per raccoon skin,there is a ________.

Question

The numbers in the table below characterize the market for raccoon skins in Minnesota during the 2010-2011 trapping season. The demand schedule that prevailed in November and December of 2010 is denoted by "Original Quantity Demanded," and the demand schedule that prevailed from late January onward is denoted by "Quantity Demanded-Late January."
 
-Refer to the table above.Given the original demand,at a price of $22 per raccoon skin,there is a ________.

Quizplus · Accepted Answer

At a price of $22 per raccoon skin, the quantity demanded is lower than the quantity supplied, leading to a surplus. The specific numbers for demand and supply at that price point are not provided, but based on the principle that a surplus occurs when supply exceeds demand, choice A is correct.

The Numbers in the Table Below Characterize the Market for Raccoon