Suppose That the Table Shown Shows the Demand and Supply

question 150

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.