Table 4-13 The Demand Schedule Below Pertains to Sandwiches Demanded Per Week

question 65

Multiple Choice

Table 4-13
The demand schedule below pertains to sandwiches demanded per week.
-Refer to Table 4-13. 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 4.
• The slope of the supply curve is 2.
Then there is currently a

• A)shortage of 6 sandwiches, and the equilibrium price of a sandwich is less than $3.00.
• B)shortage of 6 sandwiches, and the equilibrium price of a sandwich is $5.00.
• C)surplus of 6 sandwiches, and the equilibrium price of a sandwich is less than $3.00.
• D)surplus of 6 sandwiches, and the equilibrium price of a sandwich is $5.00.

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Definitions:

Welfare-based Justice

A principle of justice that focuses on the distribution of resources and opportunities to ensure the well-being and minimum standards of living for all.

Contribution-based Justice

The principle that rewards and recognition should be based on the level of contribution an individual or group makes.

Blind Justice

A principle that justice should be impartial and not influenced by bias, prejudice, or the identity of the parties involved.

Confirmation Bias

The inclination to seek out, comprehend, prefer, and remember data in a manner that validates one's already established convictions or theories.