The Table Given Below Shows the Quantity Supplied and the Quantity

question 138

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 _____.

• 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:

Consensus

A general agreement among members of a group or team, where all individuals support a decision or plan of action.

Critical Thinking

The ability to analyze facts, generate and organize ideas, defend opinions, make comparisons, draw inferences, evaluate arguments, and solve problems.

Formal Logic

The study of reasoning and arguments through a system of rules and principles.

Perceptiveness

the ability to notice or understand things quickly and accurately, especially those that are not obvious.