Refer to the Table

question 15

Multiple Choice

$$\begin{array} { c | c | c } \text { Price } & \begin{array} { c } \text { Quantity } \\\text { Demanded }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Supplied }\end{array} \\\hline \$ 0 & 200 & 0 \\\$ 1 & 150 & 40 \\\$ 2 & 100 & 80 \\\$ 3 & 50 & 120 \\\$ 4 & 0 & 160\end{array}$$ Refer to the table.In this market,the equilibrium price occurs where quantity demanded and quantity supplied are both

• A) greater than 50 but less than 80.
• B) greater than 80 but less than 100.
• C) greater than 100 but less than 120.
• D) greater than 120.

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Definitions:

Goods And Services

Products and assistance provided by businesses to customers; goods are physical items, while services are intangible aids or performances.

Mass Produced

The large-scale production of goods using standardized designs and assembly-line techniques to achieve economies of scale and reduce per-unit costs.

Quality Control

A process by which entities review the quality of all factors involved in production to ensure standards are met.

W. Edwards Deming

An American engineer, statistician, professor, author, lecturer, and management consultant known for his work in quality management.