Table 42 -Refer to the Market Supply Schedule for Pizza in Table

question 114

Multiple Choice

Table 4.2
$$\begin{array}{l}\text { Table } 4.2\\\begin{array} { | l | l | } \hline \begin{array} { l } \text { Price per Pizza } \\( \$ ) \end{array} & \begin{array} { l } \text { Quantity Supplied per Week } \\\text { (millions) }\end{array} \\\hline 15 & 28 \\\hline 12 & 24 \\\hline 9 & 20 \\\hline 6 & 16 \\\hline 3 & 12 \\\hline\end{array}\end{array}$$
-Refer to the market supply schedule for pizza in Table 4.2. When the price is $15, what is the quantity supplied in the pizza market?

• A) 28 million pizzas
• B) 24 million pizzas
• C) 20 million pizzas
• D) 16 million pizzas
• E) 12 million pizzas

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a certain period.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.

Surplus

The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price.

Quantity Supplied

The total amount of a particular good or service that producers are willing and able to sell at a given price over a specified period.