-In the Above Figure, the Equilibrium Price Is ________ and the Equilibrium

question 108

Multiple Choice

-In the above figure, the equilibrium price is ________ and the equilibrium quantity is ________.

• A)$2; 500 units
• B)$8; 400 units
• C)$6; 300 units
• D)$4; 200 units

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Definitions:

Ratification

The official way to confirm something, usually by vote, making it valid or officially approved.

Agency

A legal entity in which one party (the agent) is authorized to act on behalf of another (the principal) in creating legal relationships with third parties.

Effective

The degree to which something is successful in producing a desired or intended result.

Authority

The legal right or power to make decisions, give orders, or act on behalf of another person or entity.