The table below gives the quantities supplied and demanded at various prices. Which of the following is true?
Understand the Problem
The question is asking which statement regarding the relationship between supply and demand at various prices is true according to the given data in the table. It requires analyzing the quantities supplied and demanded to determine the correct economic principle.
Answer
At a price of $13, there will be a shortage.
At a price of $13, there will be a shortage.
Answer for screen readers
At a price of $13, there will be a shortage.
More Information
At $13, the quantity demanded (7) exceeds the quantity supplied (4), resulting in a shortage.
Tips
Common mistakes include misreading the table and not accurately identifying where shortages or surpluses occur.
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