Price (Dollars per case) Quantity Supplied (Cases of water) Aqueduct Springs Basin Mountain Cascade Waters Drop Good 0.00 0 0 0 0 2.00 100 40 60 100 4.00 200 80 120 200 6.00 300 120 180 300 13. Refer to Table 4-5. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 390 cases when the price is $2.00, which of the following statements is correct? a. There is a shortage of 90 cases at a price of $2.00. b. The market is in equilibrium at a price of $2.00. c. There is a surplus of 90 cases at a price of $2.00. d. There is a surplus of 80 cases at a price of $2.00.
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Table 4-5
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13. Refer to Table 4-5. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 390 cases when the price is $2.00, which of the following statements is correct?
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At equilibrium, demand curve intersects the supply curve. Any point below the equilibrium, there exists a shortage. Any point above equilibrium, there exists a surplus.
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