Refer to Table 3 In Table 3

Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules
$\begin{array}{l}\quad\quad\quad\quad\quad\quad\text { Quartity Dernarded by }\\\begin{array} { | r | r | r | r | c | } \hline { \text { Price } } & { \text { Alejandro } } & { \text { Ben } } & \text { Carl } & \text { Market } \\\hline \$ 8.00 & 8 & 4 & 2 & \\\hline 6.00 & 12 & 4 & 4 & \\\hline 4.00 & 20 & 4 & 6 & \\\hline 2.00 & 22 & 4 & 6 & \\\hline\end{array}\end{array}$
$\begin{array}{l}\quad\quad\quad\quad\quad\quad\text { Quartity Supplied by }\\\begin{array} { | r | r | r | r | c | } \hline { \text { Price } } & { \text { Avery } } & { \text { Brandon } } & \text { Cassandra} &\quad\quad\quad\quad \\\hline \$ 8.00 & 60 & 4 &6 & \\\hline \$6.00 & 42 & 4 & 4 & \\\hline \$4.00 & 24 & 4 & 2 & \\\hline\$ 2.00 &6 & 4 & 0 & \\\hline\end{array}\end{array}$
In Table 3.1,if government held the price at $3,

A) The government would be setting an effective price floor.
B) The shortage would be the same as the quantity demanded.
C) There would be a shortage.
D) The market would be in equilibrium.

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free