The Following Table Displays the Reservation Values of Eight Buyers

question 36

Multiple Choice

The following table displays the reservation values of eight buyers and eight sellers, who each want to buy or sell a calculator.

-Refer to the table above.If the market is perfectly competitive,the equilibrium quantity of calculators is ________.

• A) 3 units
• B) 5 units
• C) 6 units
• D) 8 units

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Definitions:

Standard-Sized Cupboards

Cabinets or storage units that conform to common dimensions used in housing and furniture design.

Exemption Clause

An Exemption Clause is a part of a contractual agreement that seeks to limit the liability of one of the parties in certain situations, effectively exempting them from fulfilling certain obligations or liabilities.

Commercial Transactions

Activities involving the purchasing, selling, trading, and distribution of goods and services among businesses or entities.

Exemption Clause

A clause in a contract that restricts or eliminates the responsibility of one party for specific violations or circumstances.