The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4

-Consider the market described by Table 3.4. Identify the correct statement.
A)The law of demand is violated
B)The law of supply is violated
C)There is no equilibrium
D)At $5 per unit, people will purchase 400 units
E)At $2 per unit, people will purchase 900 units

Question

The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4
 
-Consider the market described by Table 3.4. Identify the correct statement.
A)The law of demand is violated 
B)The law of supply is violated 
C)There is no equilibrium 
D)At $5 per unit, people will purchase 400 units 
E)At $2 per unit, people will purchase 900 units

Quizplus · Accepted Answer

At $5 per unit, people will purchase 400 units, which is consistent with typical demand behavior where quantity demanded decreases as price increases.

The Table Given Below Reports the Quantity Demanded and Supplied