Suppose the Given Supply and Demand Tables Reflect the Supply

question 50

Multiple Choice

Suppose the given supply and demand tables reflect the supply and demand for milk per week. At a price of $1, there is a: $\begin{array}{|c|c|c|}\hline \begin{array}{c}\text { Price } \\\text { (per gallon) }\end{array} & \begin{array}{c}\text { Quantity demanded (gallons per } \\\text { week) }\end{array} & \begin{array}{c}\text { Quantity Supplied (gallons per } \\\text { week) }\end{array} \\\hline \$ 1 & 2,000 & 1,000 \\\hline \$ 2 & 1,500 & 1,500 \\\hline \$ 3 & 1,000 & 2,000 \\\hline \$ 4 & 500 & 2,500 \\\hline\end{array}$

• A) surplus of 500 gallons per week.
• B) surplus of 1,000 gallons per week.
• C) shortage of 2,500 gallons per week.
• D) shortage of 1,000 gallons per week.

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