Table 17-4 the Table Shows the Town of Mauston's Demand Schedule for Schedule

question 449

Multiple Choice

Table 17-4
The table shows the town of Mauston's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline.
-Refer to Table 17-4. If the market for gasoline in Mauston is perfectly competitive, then the equilibrium price of gasoline is

• A)$7 and the equilibrium quantity is 150 gallons.
• B)$5 and the equilibrium quantity is 250 gallons.
• C)$3 and the equilibrium quantity is 350 gallons.
• D)$0 and the equilibrium quantity is 500 gallons.

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