Table 4-9 The Demand Schedule Below Pertains to Sandwiches Demanded Per Week

question 281

Multiple Choice

Table 4-9
The demand schedule below pertains to sandwiches demanded per week.

-Refer to Table 4-9.Suppose Harry,Darby,and Jake 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 5.
• The slope of the supply curve is 1.
Then there is currently a

• A) shortage of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
• B) shortage of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.
• C) surplus of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
• D) surplus of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.

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A function that describes the likelihood of obtaining the possible values that a random variable can assume.

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The long-run average value of a random variable over numerous trials, a fundamental concept in probability.

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