The Diagram Below Shows Supply and Demand Curves for Bicycles

question 120

Multiple Choice

The diagram below shows supply and demand curves for bicycles in the domestic Canadian market.Assume that all bicycles are identical. FIGURE 33-4
-Refer to Figure 33-4.Assume there is free trade in bicycles.If the world price of bicycles is $500,domestic consumption is ________ at a price of ________.

• A)40 000; $500
• B)40 000; $400
• C)30 000; $500
• D)50 000; $300
• E)30 000; $300

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