Exhibit 3-6 Milk market
Price per Quart
Quantity Demanded
(Quarts per week)
Quantity Supplied
(Quarts per week)
0.70
20
180
0.60
60
140
0.50
100
100
0.40
140
60
0.30
180
20
In Exhibit 3-6, which of the following is true about the milk market?
?
A. At price 0.60 there is an excess demand of milk.
B. At price 0.40 there is an excess supply of milk.
C. At price 0.70 there is an excess supply of milk.
D. At price 0.50 there is an excess demand of milk.
Answer: C
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