Refer to the information provided in Table 3.2 below to answer the questions tha

Question

Refer to the information provided in Table 3.2 below to answer the questions that follow. Table 32 Quantity Demanded Price per Cheeseburger (Cheeseburgers per Month)(Cheeseburgers per Month) $5 Quantity Supplied 1,500 1,200 900 600 300 500 700 900 1,100 1,300 Refer to Table 3.2. If the price per cheeseburger is $5, the price wil Select one ) a. decrease because there is an excess demand in the market. b. remain constant because the market is in equilibrium O c. decrease because there is an excess supply in the market. O d. increase because there is an excess demand in the market.

Explanation / Answer

Ans) the correct option is d. Increase because there is an excess demand in the Market. Since the quantity demanded exceeds the quantity supplied so there is excess demand which can be balanced by the increase in price.

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