Figure 3-4

-Refer to Figure 3-4.If the price is $15,
A)there would be a surplus of 300 units.
B)there would be a shortage of 300 units.
C)there would be a surplus of 400 units.
D)there would be a shortage of 400 units.

Question

Figure 3-4
 
-Refer to Figure 3-4.If the price is $15,
A)there would be a surplus of 300 units. 
B)there would be a shortage of 300 units. 
C)there would be a surplus of 400 units. 
D)there would be a shortage of 400 units.

Quizplus · Accepted Answer

At a price of $15, the quantity demanded is 500 units, while the quantity supplied is only 200 units. This creates a shortage of 300 units (500-200=300). Therefore, the correct choice is B, which indicates a shortage of 300 units.

Figure 3-4 -Refer to Figure 3-4.If the Price Is $15