The Price Per Gallon of Gas at Various Gas Stations

question 30

Multiple Choice

The price per gallon of gas at various gas stations around town is listed in the table below. What is the average price per gallon? (Rounded to the nearest hundredth)

• A) $2.31
• B) $2.52
• C) $2.82
• D) $2.76
• E) $3.02

---

Definitions:

Buyers

Individuals or entities that make purchases of goods and services either for personal use, resale, or use in production.

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a specific price in a given period of time.

Quantity Supplied

The measure of goods or services that producers intend and are able to put on the market at a chosen price for a specified duration.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers.