At a Price of $1 Per Table,the Quantity Supplied of Tables

question 57

Multiple Choice

At a price of $1 per table,the quantity supplied of tables is 100 units,whereas the quantity demanded is 70 units.Given this information,which of the following statements is true?

• A) The equilibrium price is $1 per table.
• B) The market clearing price is $1 per table.
• C) At a price of $1 per table, there is a surplus in the market.
• D) At a price of $1 per table, there is a shortage in the market.

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Definitions:

Style of Life

A concept introduced by Alfred Adler, referring to an individual's unique way of achieving superiority and coping with feelings of inferiority, shaped by early childhood experiences.

Traits

Enduring personality characteristics and behaviors that are consistent across different situations and time.

Temperament Traits

Innate, biologically based behavioral and emotional characteristics that are evident from early life.

Ergs

Basic instinctual drives or primary motivational forces in some psychological theories; the term originates from the work of Sigmund Freud.