-Refer to Exhibit 3-14.At a price of $13,there is a ____________ of ____________ units of good X.
A) shortage; 140
B) shortage; 160
C) surplus; 140
D) surplus; 20
E) surplus; 100

Question

-Refer to Exhibit 3-14.At a price of $13,there is a ____________ of ____________ units of good X.
A) shortage; 140 
B) shortage; 160 
C) surplus; 140 
D) surplus; 20 
E) surplus; 100

Quizplus · Accepted Answer

At a price of $13, the quantity demanded is 140 units, while the quantity supplied is 160 units. This means that there is a surplus of 20 units (160 - 140 = 20).