The Table Given Below Reports the Quantity Demanded and Supplied

question 3

Multiple Choice

The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4

-Refer to Table 3.4. In the market represented by this table, at equilibrium:

• A)the market price is $5 per unit.
• B)there is a surplus of 900 units.
• C)there is a shortage of 900 units.
• D)900 units are traded at a price of $3 per unit.
• E)the market price is $1 per unit and the quantity traded is 500 units.

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Definitions:

Planned Order Releases

Instructions to start the manufacture, ordering, or delivery of items in a specific period, in accordance with the production schedule.

Projected Output Rate

The estimated rate at which a system or process is expected to produce goods or complete tasks over a specific period.

Inventory Holding Costs

The expenses associated with storing unsold goods, including costs related to warehousing, insurance, depreciation, and opportunity cost.

Lot-For-Lot

An inventory ordering strategy that matches the exact quantity needed for production, minimizing holding costs.