-(Exhibit: Demand and Supply of Gasoline)The Initial Price and Quantity

question 222

Multiple Choice

-(Exhibit: Demand and Supply of Gasoline) The initial price and quantity (at intersection of S₁ and D) in equilibrium are:

• A)$2.00 and 450 gallons.
• B)$1.50 and 400 gallons.
• C)$2.00 and 200 gallons.
• D)$2.50 and 300 gallons.

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