Complete Table 3 $\text { Quantity Demanded by }$ $\text { Quantity Supplied by }$

question 49

Multiple Choice

Complete Table 3.1.Then answer the indicated question. $\text { Quantity Demanded by }$
$\begin{array}{rccc}\text { Price }& \text {Alejandro }& \text {Ben}& \text { Carl }& \text {Market }\\\$ 8.00 & 8 & 4 & 2&\_\_\_ \\6.00 & 12 & 4 & 4 &\_\_\_ \\4.00 & 20 & 4 & 6&\_\_\_ \\2.00 & 22 & 4 & 6&\_\_\_ \end{array}$ $\text { Quantity Supplied by }$
$\begin{array}{lcll}\text { Price}& \text { Avery}& \text { Brandon}& \text { Cassandra }\\\$ 8.00 & 60 & 4 & 6 &\_\_\_\\\$ 6.00 & 42 & 4 & 4 &\_\_\_\\\$ 4.00 & 24 & 4 & 2&\_\_\_ \\\$ 2.00 & 6 & 4 & 0&\_\_\_\end{array}$ Table 3.1 Individual Demand and Supply Schedules
In Table 3.1,if the price is $2,the market will

• A)Be in equilibrium.
• B)Experience a surplus of 30 units.
• C)Experience a shortage of 22 units.
• D)Experience a surplus of 56 units.

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Definitions:

Economic Theory

The study of how societies use scarce resources to produce valuable commodities and distribute them among different people.

Natural Rate

Refers to the level of unemployment when the labor market is in equilibrium, accounting for frictional and structural unemployment but not cyclical unemployment.

Bureau of Labor Statistics

A U.S. government agency responsible for collecting and analyzing economic data, particularly labor market activity, working conditions, and price changes.

Labor Force

The total number of people employed and unemployed but seeking employment within an economy.