Table 4-7 The Demand Schedule Below Pertains to Sandwiches Demanded Per Week

question 106

Multiple Choice

Table 4-7
The demand schedule below pertains to sandwiches demanded per week.

-Refer to Table 4-7.Suppose Charlie,Maxine,and Quinn are the only demanders of sandwiches.Also suppose the following:
• x = 2
• the current price of a sandwich is $3.00
• the market quantity supplied of sandwiches is 4
• the slope of the supply curve is 2
Then

• A) there is currently a shortage of 6 sandwiches and the equilibrium price of a sandwich is less than $3.00.
• B) there is currently a shortage of 6 sandwiches and the equilibrium price of a sandwich is $5.00.
• C) there is currently a surplus of 6 sandwiches and the equilibrium price of a sandwich is less than $3.00.
• D) there is currently a surplus of 6 sandwiches and the equilibrium price of a sandwich is $5.00.

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