Suppose the supply and demand tables shown reflect the supply and demand for milk per week. What is the equilibrium price and quantity of milk?Price(per gallon)Quantity demanded (gallons per week)Quantity Supplied (gallons per week)$12,0001,000$21,5001,500$31,0002,000$45002,500
A. $1 per gallon and 2,000 gallons per week
B. $2 per gallon and 1,500 gallons per week
C. $4 per gallon and 2,000 gallons per week
D. $3 per gallon and 2,000 gallons per week
Answer: B
Economics
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