The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the price of the good described in the table given below is $1.50,then:
$1100101.290301.480501.570701.66090\begin{array}{l}\text { Table } 4.1\\\begin{array} { | r | r | r | } \hline { \text { Price(\$) } } & { \begin{array} { l } \text { Quantity } \\\text { demanded }\end{array} } & { \begin{array} { l } \text { Quantity } \\\text { supplied }\end{array} } \\\hline 1 & 100 & 10 \\\hline 1.2 & 90 & 30 \\\hline 1.4 & 80 & 50 \\\hline 1.5 & 70 & 70 \\\hline 1.6 & 60 & 90 \\\hline\end{array}\end{array}$

A) there is a shortage in the market.
B) there is a surplus in the market.
C) the market is in equilibrium.
D) the supply of the good increases by 30 units.
E) the demand for the good increases by 30 units.

Question

The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the price of the good described in the table given below is $1.50,then:

1100101.290301.480501.570701.66090\begin{array}{l}\text { Table } 4.1\\\begin{array} { | r | r | r | } \hline { \text { Price(\$) } } & { \begin{array} { l } \text { Quantity } \\\text { demanded }\end{array} } & { \begin{array} { l } \text { Quantity } \\\text { supplied }\end{array} } \\\hline 1 & 100 & 10 \\\hline 1.2 & 90 & 30 \\\hline 1.4 & 80 & 50 \\\hline 1.5 & 70 & 70 \\\hline 1.6 & 60 & 90 \\\hline\end{array}\end{array}

A) there is a shortage in the market.
B) there is a surplus in the market.
C) the market is in equilibrium.
D) the supply of the good increases by 30 units.
E) the demand for the good increases by 30 units.

Helala Seddiqi · Accepted Answer

Final Answer : C, Explanation :  At a price of $1.50, the quantity demanded and the quantity supplied are both 70, indicating that the market is in equilibrium.

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