Exhibit 3-1 -Consider the Market Described by the Schedule in Exhibit 3-1

Multiple Choice

Exhibit 3-1
-Consider the market described by the schedule in Exhibit 3-1. At a price of $5 per unit,

A) the quantity traded is 1,000 units.
B) there is a shortage.
C) the quantity sold is 1,800 units.
D) there is a surplus of 1,100 units.
E) the quantity purchased is 1,000 units.