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The following table shows the market demand schedule and supply schedule for notebooks. Price ($ per ...

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The following table shows the market demand schedule and supply schedule for notebooks. Price ($ per ...

The following table shows the market demand schedule and supply schedule for notebooks.

Price ($ per unit)	Quantity Demanded (units)	Quantity Supplied (units)
1	20	4
2	16	6
3	14	10
4	12	12
5	10	14
6	7	17
7	4	20
8	2	22
9	1	25

Refer to the table above. Which of the following statements is TRUE?

▸ There is a surplus of 4 notebooks in the market when the price of one notebook is $5.

▸ There is a shortage of 12 notebooks in the market when the price of one notebook is $4.

▸ There is a surplus of 10 notebooks in the market when the price of one notebook is $8.

▸ There is a shortage of 4 notebooks in the market when the price of one notebook is $6.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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