Use the following to answer questions :
-(Table: Competitive Market for Good Z) Look at the table Competitive Market for Good Z. If the price of good Z is $15, there will be:
A)excess demand of 25 units.
B)excess supply of 25 units.
C)a shortage of 20 units.
D)a surplus of 45 units.

Question

Use the following to answer questions : 
-(Table: Competitive Market for Good Z) Look at the table Competitive Market for Good Z. If the price of good Z is $15, there will be:
A)excess demand of 25 units. 
B)excess supply of 25 units. 
C)a shortage of 20 units. 
D)a surplus of 45 units.

Quizplus · Accepted Answer

At a price of $15, quantity demanded is 75 and quantity supplied is 50, so there is an excess supply of 25 units.

Use the Following to Answer Questions