Figure 3-5

-Refer to Figure 3-5.At a price of $15,
A)there would be a surplus of 4 units.
B)there would be a shortage of 2 units.
C)there would be a surplus of 6 units.
D)there would be a shortage of 4 units.

Question

Figure 3-5
 
-Refer to Figure 3-5.At a price of $15,
A)there would be a surplus of 4 units. 
B)there would be a shortage of 2 units. 
C)there would be a surplus of 6 units. 
D)there would be a shortage of 4 units.

Quizplus · Accepted Answer

At a price of $15, the quantity supplied is 20 units and the quantity demanded is 16 units. This means there would be a surplus of 4 units.

Figure 3-5 -Refer to Figure 3-5.At a Price of $15