-Equilibrium Price Is
A)$10
B)$8
C)$6
D)$4
E)$2

question 161

Multiple Choice

$\begin{array}{ccc}\text { Quantity Demanded } & \text { Price } & \text { Quantity Supplied } \\30 & \$ 10 & 64 \\40 & \$ 8 & 55 \\50 & \$ 6 & 50 \\60 & \$ 4 & 40 \\70 & \$ 2 & 20\end{array}$
-Equilibrium price is

• A)$10
• B)$8
• C)$6
• D)$4
• E)$2

---

Definitions:

Labor

The work and time for which employees are paid.

Resources

The total means available for economic and political development, such as minerals, labor, and capital.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors.

Barrels

A unit of measure for volume commonly used in the oil industry, equivalent to 42 U.S. gallons.