Refer to the Information Provided in Table 3 -Refer to Table 3

question 213

Multiple Choice

Refer to the information provided in Table 3.2 below to answer the question(s) that follow.
Table 3.2
$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price per } \\\text { Cheeseburger }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Cheeseburgers per } \\\text { Month) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Cheeseburgers per } \\\text { Month) }\end{array} \\\hline \$ 5 & 1,500 & 500 \\\hline 6 & 1,200 & 700 \\\hline 7 & 900 & 900 \\\hline 8 & 600 & 1,100 \\\hline 9 & 300 & 1,300 \\\hline\end{array}$$
-Refer to Table 3.2. If the price per cheeseburger is $5, there is an excess

• A) demand of 300 cheeseburgers.
• B) supply of 500 cheeseburgers.
• C) demand of 1,000 cheeseburgers.
• D) supply of 2,000 cheeseburgers.

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Definitions:

Target Market

A target market is a specific group of consumers at whom a company aims its products and services, defined by various demographics such as age, gender, income level, and personal interests.

Business-to-business

A sales model focusing on the transaction of products or services between companies, rather than between a company and individual consumers.

Demographic

Statistical data relating to the population and particular groups within it, used to identify markets and understand consumer segments.

Geographic

Pertaining to the physical locations or regions, often used in marketing to describe the distribution of markets or the targeting of customers based on where they live.