Exhibit 4-10 Supply and Demand Data for Apricots -In Exhibit 4-10, the Equilibrium Price Is:
A) $1

question 49

Multiple Choice

Exhibit 4-10 Supply and demand data for apricots $$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Bushels demanded } \\\text { per month }\end{array} & \begin{array} { c } \text { Price per } \\\text { bushel }\end{array} & \begin{array} { c } \text { Bushels supplied } \\\text { per month }\end{array} \\\hline 50 & \$ 5 & 80 \\55 & 4 & 75 \\60 & 3 & 70 \\65 & 2 & 65 \\70 & 1 & 55 \\\hline\end{array}$$
-In Exhibit 4-10, the equilibrium price is:

• A) $1.
• B) $2.
• C) $3.
• D) $4.

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Definitions:

Oreos

A brand of popular sandwich cookies consisting of two chocolate wafers with a sweet cream filling.

Ordinary Goods

Products or services whose demand increases when consumer income rises, and falls when consumer income decreases.

Coffee

A brewed drink prepared from roasted coffee beans, which are the seeds of berries from the Coffea plant, and a significant commodity in global trade.

Cream

The top layer of milk that is richer in fat and can be skimmed off, used metaphorically to refer to the best or choicest part of something.