Suppose that demand and supply schedules are given by:
Price Quantity Dem Quantity Supp
$ 0 21 0
$1 18 4
$2 15 8
$3 12 12
$4 9 16
$5 6 20
$6 3 24
$7 0 28
- At a price of $4, there would be a ____________ of the good.
- A. shortage
- B. surplus
- C. neither
The shortage/surplus is equal to__________.
(This is EXACTLY how the question was given to me, I cannot add any more information).