Exhibit 4-6 -Refer to the Exhibit

question 82

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 $1.50.Is there a shortage or a surplus, and by what amount?  

• A) There is a shortage of 70 units. 
• B) There is a surplus of 70 units. 
• C) There is no shortage; the market is in equilibrium. 
• D) There is a surplus of 140 units.

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