-When Price Is $2
A)there Is a Surplus

question 244

Multiple Choice

$\begin{array}{ccc}\text { Quantity Demanded } & \text { Price } & \text { Quantity Supplied } \\30 & \$ 10 & 64 \\40 & \$ 8 & 55 \\50 & \$ 6 & 50 \\60 & \$ 4 & 40 \\70 & \$ 2 & 20\end{array}$
-When price is $2

• A)there is a surplus.
• B)there is a shortage.
• C)quantity demanded is less than quantity supplied.
• D)price must fall to get to equilibrium.

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Definitions:

Working Backward

A problem-solving strategy where the solution is imagined first and steps to reach it are then determined.

Changing Representation

The process of altering how information, ideas, or concepts are perceived or depicted.

Algorithm

A well-defined procedure or set of rules to be followed in calculations or problem-solving operations.

Heuristic

A mental shortcut that allows individuals to solve problems and make judgments quickly and efficiently, based on practical methods and experiences.