Refer to the Information Provided in Table 3 -Refer to Table 3

question 170

Multiple Choice

Refer to the information provided in Table 3.1 below to answer the question(s) that follow.
Table 3.1
$$\begin{array} { | c | c | c | } \hline \text { Price per Pizza } & \begin{array} { c } \text { Quantity Demanded } \\\text { (Pizzas per Month) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Pizzas per Month) }\end{array} \\\hline \$ 3 & 1,200 & 600 \\\hline 6 & 1,000 & 700 \\\hline 9 & 800 & 800 \\\hline 12 & 600 & 900 \\\hline 15 & 400 & 1,000 \\\hline\end{array}$$
-Refer to Table 3.1. In this market there will be an excess supply of 600 pizzas at a price of

• A) $3.
• B) $6.
• C) $12.
• D) $15.

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Definitions:

Annual Inflation Rate

The percent increase or decrease in the general price level of goods and services over a period of one year.

Constant Dollar

A term used to describe a way of measuring economic statistics in which values are adjusted for inflation, allowing for comparison across different times.

Real Price

The price of goods or services adjusted for inflation, reflecting the actual purchasing power of money.

Cellulose

A complex carbohydrate that forms the primary structural component of plant cell walls and is not digestible by humans.