Look at the table. Then answer the question. At a price of $790, is there a shortage or a surplus?
Price | Quantity demanded | Quantity supplied
$570 | 6,400 | 1,700
$680 | 5,900 | 5,300
$790 | 5,400 | 8,900
$900 | 4,900 | 12,500
$1,010 | 4,400 | 16,100
At the price of $790, the quantity demanded is less than the quantity supplied. There is too much of the good or service for sale at that price. So, there is a surplus.
