Consider the Demand and Supply Schedules Above for a Limited

question 56

Multiple Choice

Consider the demand and supply schedules above for a limited number of hotels in the downtown business district area of a particular city.
-Refer to the above information to answer this question.If two of the hotels have been purchased,what are the new equilibrium values of price and quantity?

• A)$60 million and 4.
• B)$60 million and 6.
• C)$70 million and 6.
• D)$70 million and 4.
• E)$80 million and 6.

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