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Assume the Following Information About the Demand and Supply Curves

Question 224

Multiple Choice

Assume the following information about the demand and supply curves for good Z:  Price  Demand Quantity  Demanded  Price  Supply Quantity  Supplied $1010$110$920$215$830$320$740$425$650$530$560$635$470$740$380$945$290$1050$1100$555\begin{array} { c c c c } \text { Price } & \begin{array} { c } \text { Demand Quantity } \\\text { Demanded }\end{array} & \text { Price } & \begin{array} { c } \text { Supply Quantity } \\\text { Supplied }\end{array} \\\$ 10 & 10 & \$ 1 & 10 \\\$ 9 & 20 & \$ 2 & 15 \\\$ 8 & 30 & \$ 3 & 20 \\\$ 7 & 40 & \$ 4 & 25 \\\$ 6 & 50 & \$ 5 & 30 \\\$ 5 & 60 & \$ 6 & 35 \\\$ 4 & 70 & \$ 7 & 40 \\\$ 3 & 80 & \$ 9 & 45 \\\$ 2 & 90 & \$ 10 & 50 \\\$ 1 & 100 & \$ 5 & 55\end{array} From the information given above,


A) If the price was $9, would there be a shortage of 5 units.
B) If the price was $9, would there be a surplus of 30 units.
C) If the price was $3, would there be a shortage of 35 units.
D) If the price was $4, would there be a surplus of 45 units.
E) None of the above.

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