At a price of 1 per table, the quantity supplied of tables is 100 units whereas the quantity demanded is 70 units. Given this information, which of the following statements is true?
A) 1 per table is the market clearing price.
B) At 1 per table, there is a surplus in the market.
C) At 1 per table, there is a shortage in the market.
D) 1 per table is the equilibrium price.
Question 2
Credit is:
A) the loan that a debtor receives.
B) the income that an employee earns.
C) any good that cannot be consumed but is used for the production of other goods.
D) any good that is available for free.
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