The market for hamster food is shown here.

Which of the following represents the shortage that would result in this market at a price of $P_{5}$ ?

Choose 1 answer:
(A) $Q_{C}-Q_{A}$
(B) $Q_{A}$
(c) $Q_{C}$
(D) $Q_{B}-Q_{C}$
(E) $Q_{A}-Q_{B}$

Question

The market for hamster food is shown here.

Which of the following represents the shortage that would result in this market at a price of $P_{5}$ ?

Choose 1 answer:
(A) $Q_{C}-Q_{A}$
(B) $Q_{A}$
(c) $Q_{C}$
(D) $Q_{B}-Q_{C}$
(E) $Q_{A}-Q_{B}$

Accepted Answer

∻Solution by Steps∻ ‖ step 1 ⋮ Identify the quantity demanded and quantity supplied at price $P_5$: At price $P_5$, the quantity demanded is at point $Q_C$ and the quantity supplied is at point $Q_A$. ‖ ‖ step 2 ⋮ Calculate the shortage: Shortage occurs when the quantity demanded exceeds the quantity supplied. The shortage at price $P_5$ is the difference between $Q_C$ and $Q_A$. ‖ ‖ step 3 ⋮ Use the formula for shortage: Shortage = Quantity Demanded - Quantity Supplied. Therefore, the shortage at price $P_5$ is $Q_C - Q_A$. ‖ ∻Answer∻ ***A*** ∻Key Concept∻ ⚹Shortage in a market⚹ ∻Explanation∻ ⚹A shortage occurs when the quantity demanded exceeds the quantity supplied at a given price. It is calculated as the difference between the quantity demanded and the quantity supplied.⚹◊What is the formula to calculate shortage in the market at a price of $P_{5}$?⍭ Generate me a similar question◊

Sia