Suppose That the Table Shown Shows the Demand and Supply

question 95

Multiple Choice

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

• A) There would be a surplus of pork bellies if the price were $0.50 per pound.
• B) There would be a shortage of pork bellies if the price were $0.50 per pound.
• C) There would be a shortage of pork bellies if the price were $0.25 per pound.
• D) There would be a surplus of pork bellies if the price were $0.25 per pound.

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Definitions:

Terminal Decline

A significant drop in an individual’s cognitive and physical abilities that occurs shortly before death.

Cognitive Abilities

Mental capabilities involved in the process of acquiring knowledge and understanding through thought, experience, and senses.

Neurogenesis

The process of generating new neurons in the brain, a crucial aspect of brain development and plasticity.

Brain Shrinkage

The reduction in brain volume and mass, often associated with aging or neurological diseases.