Consider the Demand and Supply Schedules Above for a Limited

question 18

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 new buyers enter this market,what are the new equilibrium values of price and quantity?

• A)$60 million and 6.
• B)$70 million and 6.
• C)$60 million and 8.
• D)$80 million and 8.
• E)$70 million and 7.

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Definitions:

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An alternative plan or strategy that is used if the original plan (Plan A) fails or becomes impractical.

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