Table 4-10 The Following Table Shows the Number of Cases of Water

question 606

Multiple Choice

Table 4-10
The following table shows the number of cases of water each seller is willing to sell at the prices listed.
-Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 500 cases when the price is $5.00, which of the following statements is correct?

• A)The market is in equilibrium at a price of $5.00.
• B)There is a surplus of 100 cases at a price of $5.00.
• C)There is a shortage of 100 cases at a price of $5.00.
• D)There is a shortage of 50 cases at a price of $5.00.

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