-Using the above table, at a price of $70, there is
A) a surplus of 150 units.
B) a shortage of 120 units.
C) a surplus of 270 units.
D) a shortage of 150 units.

Question

-Using the above table, at a price of $70, there is
A) a surplus of 150 units. 
B) a shortage of 120 units. 
C) a surplus of 270 units. 
D) a shortage of 150 units.

Quizplus · Accepted Answer

A surplus occurs when the quantity supplied exceeds the quantity demanded. At a price of $70, if the quantity supplied is 270 units more than the quantity demanded, there is a surplus of 270 units.

-Using the Above Table, at a Price of $70, There