-The Above Table Shows the Demand Schedule and Supply Schedule

question 99

Multiple Choice

-The above table shows the demand schedule and supply schedule for almond oil. What is the equilibrium quantity and equilibrium price for almond oil?

• A) 2 litres, $6.00 per litre
• B) 2 litres, $3.00 per litre
• C) 4 litres, $5.00 per litre
• D) 4 litres, $4.00 per litre

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Definitions:

Inheritance

Wealth or attributes passed on to heirs upon the death of an individual.

Lump Sum

A lump sum is a single payment of money, as opposed to a series of payments made over time.

Compounded Quarterly

The method of calculating interest where the accumulated interest is added to the principal amount after each quarter.