Suppose the Supply and Demand Tables Shown Reflect the Supply

question 47

Multiple Choice

Suppose the supply and demand tables shown reflect the supply and demand for milk per week. At a price of $4, 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 1,000 gallons per week.
• B) surplus of 2,000 gallons per week.
• C) shortage of 1,000 gallons per week.
• D) shortage of 2,000 gallons per week.

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