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At a price of $1 per table, the quantity supplied of tables is 100 units, whereas the quantity ...

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At a price of $1 per table, the quantity supplied of tables is 100 units, whereas the quantity ...

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?

▸ The market clearing price is $1 per table.

▸ At a price of $1 per table, there is a surplus in the market.

▸ The equilibrium price is $1 per table.

▸ At a price of $1 per table, there is a shortage in the market.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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DenverMade Author

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this is exactly what I needed

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

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