-Using the Data in the Table Above,at the Price of $80

question 165

Multiple Choice

-Using the data in the table above,at the price of $80 a phone,

• A) a shortage of 25,000 cellular telephones occurs.
• B) a surplus of 80,000 cellular telephones occurs.
• C) a surplus of 25,000 cellular telephones occurs.
• D) a shortage of 55,000 cellular telephones occurs.
• E) the market is in equilibrium.

---

Definitions:

Sealed-Bid

A bidding process where all bids are submitted confidentially and unopened until the designated time.

Lemons

A citrus fruit known for its sour taste, also used metaphorically to describe a defective or unsatisfactory product or vehicle.

Expected Value

A calculated average of all possible outcomes of a random variable, weighted by their probabilities.

English Auction

A type of auction in which the price starts low and is progressively bid upwards, with the highest bid at the end winning the item.