The Table Given Below Shows the Quantity Supplied and the Quantity

question 116

Multiple Choice

The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the market price of the good is $1.20,there will be a _____. Table 4.1

• A)shortage of 30 units
• B)surplus of 30 units
• C)shortage of 60 units
• D)surplus of 60 units
• E)surplus of 20 units

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Definitions:

Income Differences

The disparities or variations in earnings and wealth among individuals or groups within a society.

Taste-for-Discrimination Model

An economic theory that explains how personal bias can lead to discrimination in hiring and wage decisions.

Discrimination Coefficient

A statistical measure used to analyze the degree of differentiation between variables or groups.

Market Wage Rate

The prevailing rate of pay for a particular job in the competitive labor market.