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

question 400

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​Exhibit 3-8 Demand and supply data for Video games
 Price  Quantity Demanded  of Video games  Quantity Supplied  of Video games $7540090070450850655008006055075055600700506506504570060040750550\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}
-?In Exhibit 3-8, if there is a shortage of video games of 200 units, the current price of video games must be: ?

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Definitions:

Legal Consideration

A value promised to another party in a contract as an inducement to enter into the contract, which must be present for the contract to be legally binding.

Right To Smoke

This term does not refer to a universally acknowledged legal right but may pertain to specific regulations or allowances within designated areas where smoking is permitted.

Proper Consideration

The legal requirement for contracts, entailing something of value being exchanged between parties.

Consideration

Something of value promised to another when making a contract that compels them to enter into the agreement; an essential element in the formation of a legally binding contract.

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