Table 17-10 the Table Shows the Town of Driveaway's Demand Schedule for Schedule

question 333

Multiple Choice

Table 17-10
The table shows the town of Driveaway's demand schedule for gasoline. Assume the town's gasoline seller(s) incurs a cost of $2 for each gallon sold, with no fixed cost.

-Refer to Table 17-10.If the market for gasoline in Driveaway is perfectly competitive,then the equilibrium price of gasoline is

• A) $0 and the equilibrium quantity is 400 gallons.
• B) $1 and the equilibrium quantity is 350 gallons.
• C) $2 and the equilibrium quantity is 300 gallons.
• D) $4 and the equilibrium quantity is 200 gallons.

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Definitions:

Stem-And-Leaf

A graphical method used to display and organize numerical data in order to show its distribution pattern.

Math Test

An examination designed to assess an individual's understanding and proficiency in mathematical concepts.

Interquartile Range

The difference between the 25th and 75th percentiles of a data set, used as a measure of statistical dispersion.

Kilograms

A unit of mass in the metric system, equal to 1,000 grams or approximately 2.20462 pounds.