Use the Following to Answer Question

question 237

Multiple Choice

Use the following to answer question:
Figure: Market for Hotel Rooms
-(Figure: The Market for Hotel Rooms) Look at the figure The Market for Hotel Rooms. Suppose with no tax the equilibrium price is $110 and the equilibrium quantity is 250. If the local government levies a tax of $30 per night on each hotel room rented, the new equilibrium price will equal _____ and the new equilibrium quantity will equal _____.

• A) $140; 100
• B) $130; 150
• C) $120; 200
• D) $110; 250

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