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

question 216

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 5.
• The slope of the supply curve is 1.
Then there is currently a

• A)shortage of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
• B)shortage of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.
• C)surplus of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00.
• D)surplus of 5 sandwiches, and the equilibrium price of a sandwich is $5.00.