The Following Table Shows the Demand and Supply of Bottles

question 175

Essay

The following table shows the demand and supply of bottles of premium olive oil for Country ABC.
a)What are values of equilibrium price and quantity?
b)Suppose the price of premium olive oil is $6 per bottle,would there be a shortage or surplus? How much?

---

Definitions:

Nonmonetary Rewards

Incentives or benefits given to employees that do not involve direct financial compensation, such as recognition or growth opportunities.

Eliminate

To completely remove or get rid of something, often used in the context of removing inefficiencies or redundancies in a system.

Base Pay

The initial rate of compensation that an employee receives, not including bonuses, benefits, or other forms of additional compensation.

Merit Pay Plans

Compensation strategies that reward employees based on their performance, often aimed at boosting motivation and job performance.