Use the Table Below to Choose the Correct Answer

question 271

Multiple Choice

Use the table below to choose the correct answer. The table is a schedule of the supply and demand for ground hamburger meat (both given in thousands of pounds per month) . The equilibrium market price of ground hamburger meat would be

• A) $1 per pound.
• B) $2 per pound.
• C) $2.50 per pound.
• D) $3 per pound.

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Definitions:

Scale Of Operation

The scope or size of a business or production process, which can affect efficiency and cost.

World Price

The international market price of a good, influenced by global supply and demand.

Free International Trade

The exchange of goods and services across international borders without restrictions such as tariffs, quotas, or subsidies.

Importer

An individual or company that buys goods or services from abroad for domestic use or sale.