The Table Given Below Reports the Quantity Demanded and Supplied

question 26

Multiple Choice

The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.
Table 3.4

-Refer to Table 3.4.In the market represented by this table,at equilibrium:

• A)the market price is $5 per unit.
• B)there is a surplus of 900 units.
• C)there is a shortage of 900 units.
• D)900 units are traded at a price of $3 per unit.
• E)the market price is $1 per unit and the quantity traded is 500 units.

---

Definitions:

Probability Distribution

A mathematical function that provides the probabilities of occurrence of different possible outcomes for an event.

E(XY)

The expected value of the product of two random variables, X and Y, representing a measure of their joint variability.

Probability Distribution

A mathematical description of a random phenomenon in terms of the probabilities of its outcomes.

Bivariate Distribution

A statistical distribution describing two variables and the probabilistic relationships between them.