Demand and Supply Schedules for Chocolate Bars
TABLE 5-1
-Refer to Table 5-1.Suppose the government established a price ceiling of $1.00 per chocolate bar.How many thousands of chocolate bars would be exchanged per week?
A)1800
B)1850
C)1900
D)2000
E)2100

Question

Demand and Supply Schedules for Chocolate Bars
  TABLE 5-1
-Refer to Table 5-1.Suppose the government established a price ceiling of $1.00 per chocolate bar.How many thousands of chocolate bars would be exchanged per week?
A)1800 
B)1850 
C)1900 
D)2000 
E)2100

Quizplus · Accepted Answer

At a price ceiling of $1.00, the quantity demanded exceeds the quantity supplied, resulting in a shortage of 50 thousand chocolate bars (2000-1950). The amount exchanged per week would be the quantity supplied at this price, which is 1850 (the same as the quantity demanded).