The Table Given Below Shows the Quantity Supplied and the Quantity

question 110

Multiple Choice

The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the market price of the good is $1.20,there will be a _____.
$$\begin{array}{l}\text { Table } 4.1\\\begin{array} { | r | r | r | } \hline { \text { Price(\$) } } & { \begin{array} { l } \text { Quantity } \\\text { demanded }\end{array} } & { \begin{array} { l } \text { Quantity } \\\text { supplied }\end{array} } \\\hline 1 & 100 & 10 \\\hline 1.2 & 90 & 30 \\\hline 1.4 & 80 & 50 \\\hline 1.5 & 70 & 70 \\\hline 1.6 & 60 & 90 \\\hline\end{array}\end{array}$$

• A)shortage of 30 units
• B)surplus of 30 units
• C)shortage of 60 units
• D)surplus of 60 units
• E)surplus of 20 units

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Definitions:

American Workers

Individuals in the United States engaged in various forms of labor, historically pivotal in shaping labor laws, union movements, and economic policies within the country.

1830-1850

A two-decade period in the 19th century marked by significant social, political, and technological changes in the United States, including the rise of the abolitionist movement and the expansion of the railroad network.

Wages

Payments made to workers for their labor, typically calculated on an hourly, daily, or piecework basis.

Union Power

The strength and influence of labor unions in negotiating workers' rights, wages, and working conditions.