-Using the data in the table above,at the price of $80 a phone,
A) a shortage of 25,000 cellular telephones occurs.
B) a surplus of 80,000 cellular telephones occurs.
C) a surplus of 25,000 cellular telephones occurs.
D) a shortage of 55,000 cellular telephones occurs.
E) the market is in equilibrium.

Question

-Using the data in the table above,at the price of $80 a phone,
A) a shortage of 25,000 cellular telephones occurs. 
B) a surplus of 80,000 cellular telephones occurs. 
C) a surplus of 25,000 cellular telephones occurs. 
D) a shortage of 55,000 cellular telephones occurs. 
E) the market is in equilibrium.

Quizplus · Accepted Answer

At a price of $80, if the quantity supplied exceeds the quantity demanded, the difference between these two quantities represents a surplus. The specific numbers for supply and demand at this price point are not provided in the question, but the correct answer indicates that the quantity supplied is 25,000 units more than the quantity demanded, leading to a surplus of 25,000 cellular telephones.

-Using the Data in the Table Above,at the Price of $80