The table given below reports the quantity of bread loaves demanded and supplied at different per unit prices.Table 3.3

-Refer to Table 3.3. Which of the following would occur in the market for bread if the market price exceeded the equilibrium price by $1?
A)The quantity of bread demanded in the market would increase.
B)The bread market would face a surplus of 36 loaves of bread.
C)The supply of bread in the market would increase.
D)The bread market would face a shortage of 72 loaves of bread.
E)The demand for bread in the market would decrease.

Question

The table given below reports the quantity of bread loaves demanded and supplied at different per unit prices.Table 3.3
 
-Refer to Table 3.3. Which of the following would occur in the market for bread if the market price exceeded the equilibrium price by $1?
A)The quantity of bread demanded in the market would increase. 
B)The bread market would face a surplus of 36 loaves of bread. 
C)The supply of bread in the market would increase. 
D)The bread market would face a shortage of 72 loaves of bread. 
E)The demand for bread in the market would decrease.

Quizplus · Accepted Answer

When the market price exceeds the equilibrium price, the quantity supplied exceeds the quantity demanded, leading to a surplus.

The Table Given Below Reports the Quantity of Bread Loaves