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Table 4-7 The Demand Schedule Below Pertains to Sandwiches Demanded Per Week

Question 371

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Table 4-7
The demand schedule below pertains to sandwiches demanded per week.
Table 4-7 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-7.Suppose Charlie,Maxine,and Quinn are the only demanders of sandwiches.Also suppose the following: • x = 2 • the current price of a sandwich is $3.00 • the market quantity supplied of sandwiches is 5 • the slope of the supply curve is 1 Then A) there is currently a shortage of 5 sandwiches and the equilibrium price of a sandwich is between $3.00 and $5.00. B) there is currently a shortage of 5 sandwiches and the equilibrium price of a sandwich is $5.00. C) there is currently a surplus of 5 sandwiches and the equilibrium price of a sandwich is between $3.00 and $5.00. D) there is currently a surplus of 5 sandwiches and the equilibrium price of a sandwich is $5.00.
-Refer to Table 4-7.Suppose Charlie,Maxine,and Quinn are the only demanders of sandwiches.Also suppose the following:
• x = 2
• the current price of a sandwich is $3.00
• the market quantity supplied of sandwiches is 5
• the slope of the supply curve is 1
Then


A) there is currently a shortage of 5 sandwiches and the equilibrium price of a sandwich is between $3.00 and $5.00.
B) there is currently a shortage of 5 sandwiches and the equilibrium price of a sandwich is $5.00.
C) there is currently a surplus of 5 sandwiches and the equilibrium price of a sandwich is between $3.00 and $5.00.
D) there is currently a surplus of 5 sandwiches and the equilibrium price of a sandwich is $5.00.

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