The Table Below Displays Hypothetical Demand and Supply Schedules for the Market

question 8

Multiple Choice

The table below displays hypothetical demand and supply schedules for the market for overnight parcel deliveries in Canada. $$\begin{array} { | c | c | c | c | c | c | } \hline & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (millions) }\end{array} && & \begin{array} { c } \text { Quantity } \\\text { Supplied } \\\text { (millions) }\end{array} & \\\hline \text { Price (\$) } & \text { Year 1 } & \text { Year 2 } & & \text { Year 1 } & \text { Year 2 } \\\hline & & & & & \\\hline 30 & 80 & 95 & & 140 & 125 \\\hline 26 & 90 & 105 & & 135 & 120 \\\hline 22 & 100 & 115 & & 130 & 115 \\\hline 18 & 110 & 125 & & 125 & 110 \\\hline 14 & 120 & 135 & & 120 & 105 \\\hline 10 & 130 & 145 & & 115 & 100 \\\hline\end{array}$$ TABLE 3- 3
-Refer to Table 3- 3.Suppose the price of overnight parcel delivery in Year 1 is $22.Which of the following statements is correct? In Year 1

• A)there is an excess demand of 30 million deliveries.
• B)115 million parcels will be delivered.
• C)there is an excess supply of 15 million deliveries.
• D)there is an excess supply of 30 million deliveries.
• E)there is an excess demand of 15 million deliveries.

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Definitions:

Presence of Others

The phenomenon of how an individual's thoughts, feelings, and behaviors can be influenced by the physical or imagined presence of others.

Helping Behavior

Acts performed with the goal of benefiting another person, regardless of the helper's motives.

Conformity

The tendency to align one's attitudes, beliefs, and behaviors with those of a group or social norm.

Normative Influence

The impact of the social environment on individuals' behavior, where people conform to the expectations of a group to be liked, accepted, or to avoid disapproval.