Use the table below to answer the following questions.
Table 3.4.1

-Refer to Table 3.4.1. At a price of $3 a unit

Question

Use the table below to answer the following questions.
Table 3.4.1
 
-Refer to Table 3.4.1. At a price of $3 a unit

Quizplus · Accepted Answer

At a price of $3 a unit, the quantity supplied is 120 units while the quantity demanded is 300 units, resulting in a shortage of 180 units. This shortage creates a tendency for the price to rise as buyers compete for the limited supply of the product. Therefore, both options C and D are correct.

Use the Table Below to Answer the Following Questions