In a free market, the market price and quantity in the above figure will adjust to equilibrium values of
A. $1 per gallon and 50 million gallons.
B. $2 per gallon and 60 million gallons.
C. $4 per gallon and 10 million gallons.
D. $2 per gallon and 30 million gallons.
Answer: D
Economics
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The above table shows the demand schedule and supply schedule for chocolate chip cookies. If the price is $4.00 per pound, there is a
A) shortage of 2 pounds of chocolate chip cookies. B) shortage of 3 pounds of chocolate chip cookies. C) shortage of 5 pounds of chocolate chip cookies. D) surplus of 3 pounds of chocolate chip cookies.
Economics
Wage differences among workers of different races and gender could be due to all of the following except
A) differences in preferences for jobs. B) labor unions. C) differences in work experience. D) differences in education.
Economics