Exhibit 4-6 -Refer to the Exhibit

question 180

Multiple Choice

Exhibit 4-6
$$\begin{array} { r c c } \hline \text { Price } & \begin{array} { c } \text { Quantity } \\\text { demanded }\end{array} & \begin{array} { c } \text { Quantity } \\\text { supplied }\end{array} \\\hline \$ 1.00 & 100 & 10 \\1.20 & 90 & 30 \\1.40 & 80 & 50 \\1.50 & 70 & 70 \\1.60 & 60 & 90 \\\hline\end{array}$$
-Refer to the exhibit.Suppose the price of the good is $1.40.Is there a shortage or a surplus, and by what amount?  

• A) a shortage, 30 units 
• B) a surplus, 30 units 
• C) a shortage, 20 units 
• D) a surplus, 20 units

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