Question: Using the following table to answer the question below. Price per Unit Quantity Demand Per Year Quantity Supplied per Year $5 2,000 0 $10 1,800

Using the following table to answer the question below.

Price per Unit Quantity Demand Per Year Quantity Supplied per Year

$5 2,000 0

$10 1,800 300

$15 1,600 600

$20 1,400 900

$25 1,200 1,200

$30 1,000 1,500

There will be a shortage whenever the price is:

  1. equals $25
  2. higher than $30
  3. higher than $25
  4. lower than $25

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