a given market, the market equilibrium price and quantity are $120 and 5 million units, spectively. At a price of $100, 4.8 million units are supplied, and 5.2 million units are emanded. It can be said that at a price level of $100 there is a . (1 point)
O a surplus of 0.2 million units
• a surplus of 0.4 million units
• a shortage of 0.2 million units
O a shortage of 0.4 million units
At a price of $100, the quantity supplied is 4.8 million units, which is less than the quantity demanded of 5.2 million units. This indicates a shortage of 0.4 million units. Therefore, the correct answer is:
• a shortage of 0.4 million units