Look at the table. Then answer the question. At a price of $755, is there a shortage or a surplus?
Price | Quantity demanded | Quantity supplied
$615 | 17,000 | 8,800
$685 | 13,900 | 9,400
$755 | 10,800 | 10,000
$825 | 7,700 | 10,600
$895 | 4,600 | 11,200
At the price of $755, the quantity demanded is greater than the quantity supplied. There is not enough of the good or service for sale at that price. So, there is a shortage.
