Use the Following to Answer Question

question 151

Multiple Choice

Use the following to answer question:
-Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.The initial equilibrium price and quantity (at intersection of S1 and D) of gasoline are:

• A)$2.00 and 450 gallons.
• B)$1.50 and 400 gallons.
• C)$2.00 and 200 gallons.
• D)$2.50 and 300 gallons.

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Definitions:

Sample Points

Specific outcomes or members of the sample space in a statistical experiment, each representing a possible result.

Probability

The assessment of how probable an event is to occur, measured on a scale from 0 to 1.

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