To determine whether there is a surplus or shortage at the price level of $100, we can compare the quantity supplied and the quantity demanded at that price:
- Quantity supplied at $100: 4.8 million units
- Quantity demanded at $100: 5.2 million units
Now, we can calculate the difference between quantity demanded and quantity supplied:
\[ \text{Quantity demanded} - \text{Quantity supplied} = 5.2 \text{ million units} - 4.8 \text{ million units} = 0.4 \text{ million units} \]
Since the quantity demanded is greater than the quantity supplied at this price, there is a shortage.
Thus, at a price level of $100, there is a shortage of 0.4 million units.
The correct response is:
a shortage of 0.4 million units.