Table 4-5 Price Quantity Supplied (Cases of water) (Dollars per case) Agua Springs Brook Mountain Canal Waters Dew Good 0.00 0 0 0 0 1.00 100 40 60 100 2.00 200 80 120 200 3.00 300 120 180 300 Refer to Table 4-5. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 600 cases when the price is $2.00, which of the following statements is correct? There is a shortage of 190 cases at a price of $2.00. The market is in equilibrium at a price of $2.00. There is a shortage of 180 cases at a price of $2.00. There is a surplus of 190 cases at a price of $2.00.

Table 4-5 Price Quantity Supplied (Cases of water) (Dollars per case) Agua Springs Brook Mountain Canal Waters Dew Good 0.00 0 0 0 0 1.00 100 40 60 100 2.00 200 80 120 200 3.00 300 120 180 300 Refer to Table 4-5. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 600 cases when the price is $2.00, which of the following statements is correct? There is a shortage of 190 cases at a price of $2.00. The market is in equilibrium at a price of $2.00. There is a shortage of 180 cases at a price of $2.00. There is a surplus of 190 cases at a price of $2.00.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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