Table 43 -The Table Given Below Shows the Quantity Supplied and the |

question 189

Multiple Choice

Table 4.3
$$\begin{array} { | c | c | c | } \hline \text { Price (\$) } & \text { Quantity demanded } & \text { Quantity supplied } \\\hline 1.0 & 100 & 10 \\\hline 1.20 & 90 & 30 \\\hline 1.40 & 80 & 50 \\\hline 1.50 & 70 & 70 \\\hline 1.60 & 60 & 90 \\\hline\end{array}$$
-The table given below shows the quantity supplied and the quantity demanded of a good at different prices. If the price of the good described in the table given below is $1.60, then there is a _____

• A) shortage of 30 units.
• B) surplus of 30 units.
• C) shortage of 20 units.
• D) surplus of 20 units.
• E) surplus of 10 units.

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Definitions:

User Cost

The opportunity cost of utilizing a good or service, often considering factors like depreciation and the potential benefit from alternative uses.

Resource Extraction

The process of obtaining raw materials from the natural environment, such as mining for minerals, drilling for oil, or logging forests, often associated with significant environmental impact.

Present

The current point in time or the moment that is occurring now.

Present Value

The current value of a future sum of money or stream of cash flows, given a specified rate of return.