Table 17-5
the Table Shows the Town of Driveaway's Demand

question 137

Multiple Choice

Table 17-5
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.
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$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { (Gallons) }\end{array} & \begin{array} { c } \text { Price } \\\text { (Dollars per gallon) }\end{array} & \begin{array} { c } \text { Total Revenue } \\\text { (Dollars) }\end{array} \\\hline 0 & 8 & 0 \\\hline 50 & 7 & 350 \\\hline 100 & 6 & 600 \\\hline 150 & 5 & 750 \\\hline 200 & 4 & 800 \\\hline 250 & 3 & 750 \\\hline 300 & 2 & 600 \\\hline 350 & 1 & 350 \\\hline 400 & 0 & 0 \\\hline\end{array}$$
-Refer to Table 17-5. 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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