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The table below displays hypothetical demand and supply schedules for the market for overnight parcel deliveries in Canada.



TABLE 3-4

Refer to Table 3-4. Suppose the price of overnight parcel delivery in Year 1 is $22. Which of the following statements is correct? In Year 1,

▸ there is an excess demand of 15 million deliveries.

▸ there is an excess demand of 30 million deliveries.

▸ there is an excess supply of 30 million deliveries.

▸ 115 million parcels will be delivered.

▸ there is an excess supply of 15 million deliveries.

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