Answer the Question on the Basis of the Following Data

question 127

Multiple Choice

Answer the question on the basis of the following data for the hypothetical nations of Alpha and Beta.Q_s is domestic quantity supplied and Q_d is domestic quantity demanded. $\begin{array}{c}\underline{\text { Domestic Market For Steel, Alpha }}\\\begin{array}{c}\underline{Q_{s}}\\ 60\\40\\30\\20\\10 \end{array}\begin{array}{c}\underline{P}\\\$ 5 \\4 \\3 \\2 \\1 \end{array}\begin{array}{l}\underline{Q_{d}} \\10 \\20 \\30 \\40 \\50 \end{array}\end{array}$

$\begin{array}{c}\underline{\text { Domestic Market For Steel, Beta }}\\\begin{array}{c}\underline{Q_{s}}\\ 80 \\70 \\60 \\50 \\40\end{array}\begin{array}{c}\underline{P}\\\$ 5 \\4 \\3 \\2 \\1 \end{array}\begin{array}{l}\underline{Q_{d}} \\20 \\30 \\40 \\50 \\60 \end{array}\end{array}$

Refer to the given data.Assuming that Alpha and Beta are the only two nations in the world,the equilibrium world price of steel must be between:

• A) $5 and $4.
• B) $4 and $3.
• C) $3 and $2.
• D) $2 and $1.

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Definitions:

Tid Pc

A medical abbreviation meaning three times a day after meals.

Stat

An abbreviation for the term "statim," meaning immediately or without delay, often used in medical contexts.