Refer to the Table

question 145

Multiple Choice

Refer to the table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4) , equilibrium price and quantity will be

• A)$7 and 40 units.
• B)$8 and 60 units.
• C)$7 and 50 units.
• D)$9 and 60 units.
• E)$7 and 30 units.

---

Definitions:

Public Utility

A company providing essential services such as water, electricity, and telecommunications to the public, often regulated by the government.

Unnatural Monopoly

A market structure where a single company dominates due to artificial barriers, such as regulations or patents, rather than market forces.

Perfectly Elastic

A situation in economic theory where a small change in price leads to an infinite change in quantity demanded or supplied.

Marginal Revenue

The additional income that is gained from selling one more unit of a product or service.