Suppose That the Table Shown Shows the Demand and Supply

question 146

Multiple Choice

Suppose that the table shown shows the demand and supply schedules for pork bellies. There is a shortage of 15,000 pounds at a price of: $$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price } \\\text { (\$/lb.) }\end{array} & \text { Quantity demanded (lbs.) } & \text { Quantity Supplied (lbs.) } \\\hline \$ 0.10 & 30,000 & 5,000 \\\hline \$ 0.20 & 25,000 & 10,000 \\\hline \$ 0.50 & 20,000 & 20,000 \\\hline \$ 0.75 & 15,000 & 30,000 \\\hline \$ 0.95 & 5,000 & 40,000 \\\hline\end{array}$$

• A) $0.25.
• B) $0.50.
• C) $0.75.
• D) $0.95.

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Definitions:

Everyday Uses

The common or routine utilizations of objects, technologies, or insights in daily living.

Public Matter

Issues or concerns that affect the broader community or population and are subject to public discussion or governance.

Luxuries

Goods or services that are considered non-essential but desirable, often associated with high quality, exclusivity, and a high price.

Necessities

Essential needs or requirements crucial for basic living, survival, or carrying out certain tasks.