​Exhibit 3-8 Demand and Supply Data for Video Games
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question 41

Multiple Choice

​Exhibit 3-8 Demand and supply data for Video games
​ $$\begin{array} { | c | c | c | } \hline \text { Price } & \begin{array} { c } \text { Quantity Demanded } \\\text { of Video games }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { of Video games }\end{array} \\\hline \$ 75 & 400 & 900 \\70 & 450 & 850 \\65 & 500 & 800 \\60 & 550 & 750 \\55 & 600 & 700 \\50 & 650 & 650 \\45 & 700 & 600 \\40 & 750 & 550 \\\hline\end{array}$$ ​
-Exhibit 3-8 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an ____________ of ______________ video games in this market.?

• A) ?excess demand; 450
• B) ?excess demand; 500
• C) ?excess supply; 400
• D) ?excess supply; 850
• E) ?excess demand; 400

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Definitions:

Time Periods

Distinct intervals of time within which certain activities or events occur or are completed.

Simple Interest

Simple interest is a method of calculating the interest charge on a loan based on the original principal balance without compounding.

Rate of Return

The financial improvement or decline in an investment across a particular period, indicated as a percentage of the investment’s entry cost.

Interest

The fee associated with the right to borrow funds, usually indicated as a yearly percentage rate.