​The Following Graph Shows the Demand and Supply Curves of a Resource

question 69

Multiple Choice

​The following graph shows the demand and supply curves of a resource. The equilibrium quantity of the resource exchanged in the market is _____. Figure 11.3

• A)more than 100 units
• B)100 units
• C)60 units
• D)less than 60 units
• E)more than 60 units but less than 100 units

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Definitions:

Marked Down

Refers to products that have their prices reduced, usually to encourage quick sales or clear out inventory.

Demand Increase

A rise in the quantity of a product or service that consumers are willing and able to purchase at a given price over a certain period of time.

Maintained Markup

The difference between the retail price and the cost of an item to the retailer, maintained as a percentage of the retail price.

Retail Picture Frame Store

A retail business specializing in the sale of frames for pictures, artwork, and documents, catering to both consumers and professionals.