At a price of $1 per table, the quantity supplied of tables is 100 units whereas the quantity demanded is 70 units. Given this information, which of the following statements is true?
A) $1 per table is the market clearing price.
B) At $1 per table, there is a surplus in the market.
C) At $1 per table, there is a shortage in the market.
D) $1 per table is the equilibrium price.
B
Economics
You might also like to view...
Which of the following is likely to cause a fall in the wage rate and an increase in the number of workers hired in a local cotton mill?
A) A reduction in wage paid in a nearby jute mill B) The introduction of labor-saving technology in the mill C) The introduction of labor-complementary technology in the mill D) A decrease in the population of the region in which the cotton mill is located
Economics
As more firms are attracted to an industry, the supply curve can be expected to shift to the right.
Answer the following statement true (T) or false (F)
Economics