Questions: If the price of tutoring is 20 per hour, there is a market equal to approximately . surplus; 25 hours of tutoring surplus: 39 hours of tutoring shortage: 20 hours of tutoring shortage: 39 hours of tutoring The market is in equilibrium.

Solution Steps

From the table, we can see that when the price is $20 per hour, the quantity supplied is 39 hours per semester.

From the table, we can see that when the price is $20 per hour, the quantity demanded is 39 hours per semester.

Since the quantity supplied equals the quantity demanded at $20/hour, the market is in equilibrium.

Final Answer