Suppose the Supply and Demand Tables Shown Reflect the Supply

question 125

Multiple Choice

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? $\begin{array}{|c|c|c|}\hline \begin{array}{c}\text { Price } \\\text { (per gallon) }\end{array} & \begin{array}{c}\text { Quantity demanded (gallons per } \\\text { week) }\end{array} & \begin{array}{c}\text { Quantity Supplied (gallons per } \\\text { week) }\end{array} \\\hline \$ 1 & 2,000 & 1,000 \\\hline \$ 2 & 1,500 & 1,500 \\\hline \$ 3 & 1,000 & 2,000 \\\hline \$ 4 & 500 & 2,500 \\\hline\end{array}$

• A) $1 per gallon and 2,000 gallons per week
• B) $2 per gallon and 1,500 gallons per week
• C) $3 per gallon and 2,000 gallons per week
• D) $4 per gallon and 2,000 gallons per week

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