-The Above Table Shows the Demand Schedule and Supply Schedule

question 131

Multiple Choice

$$\begin{array} { | l | l | l | } \hline \begin{array} { l } \text { Price } \\\text { (dollars per } \\\text { pound) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { supplied } \\\text { (pounds) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { demanded } \\\text { (pounds) }\end{array} \\\hline 3 & 1 & 7 \\\hline 4 & 2 & 5 \\\hline 5 & 4 & 4 \\\hline 6 & 5 & 2 \\\hline 7 & 6 & 1 \\\hline\end{array}$$
-The above table shows the demand schedule and supply schedule for chocolate chip cookies. What is the equilibrium quantity and equilibrium price for chocolate chip cookies?

• A) 4 pounds, $5.00 per pound
• B) 2 pounds, $6.00 per pound
• C) 2 pounds, $3.00 per pound
• D) 7 pounds, $3.00 per pound

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Definitions:

Medicinal Plants

Plants that possess therapeutic properties or compounds, used in traditional and modern medicine for the prevention and treatment of diseases.

Pharmaceutical Company

A commercial business that researches, develops, produces, and markets drugs or pharmaceutical products for medicinal use.

Brazil

The largest country in South America, known for its diverse culture, rainforest, and extensive coastlines, and a significant player in global agricultural, mineral, and energy markets.

Genetic Pollution

Refers to the potential dangers of mixing the genes of one species with those of another.