Price Quantity Demanded Quantity Supplied $1.00 1000 100 $1.20 900 400 $1.40 800 600 $1.50 700 700 $1.60 600 1000 If the price of the good described in the table is $1.20, then there shortage of 300 units surplus of 300 units shortage of 500 units surplus of 500 units O surplus of 200 units