Refer to the information provided in Table 3.1 below to answer the question(s) that follow.
Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. If the price per pizza is $15, there is a(n)
A. excess demand of 400 units.
B. excess demand of 900 units.
C. excess supply of 600 units.
D. market equilibrium.
Answer: C
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When the price of gasoline is $2.20 per gallon, 11 million gallons are demanded, and when the price of gasoline goes up to $2.60 per gallon, 10 million gallons are demanded. The gasoline in this range has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.
Which statement best characterizes the classical economists' view of saving and investment?
A) Saving exceeds investment. B) Saving is less than investment. C) Saving equals investment. D) Saving and investment are not related to one another.
The commercial banks on Sunny Island have checking deposits of $4 million, reserves of $600,000, and loans of $2.4 million. The desired reserve ratio is 10 percent. The banks have ________ of desired reserves and ________ of excess reserves
A) $600,000; $0 B) $400,000; $200,000 C) $400,000; $600,000 D) $600,000; $200,000
The data show that an individual's wealth tends to first increase and then to decrease over the person's lifetime
Indicate whether the statement is true or false