Table 3-D
Use the Following Information About Demand and Supply

question 162

Multiple Choice

Table 3-D
Use the following information about demand and supply schedules to answer the question.
$$\begin{array} { l c c c } \text { Price } & \mathbf { D } _ { 1 } & \mathbf { D } _ { \mathbf { 2 } } & \boldsymbol { I } _ { \mathbf { 1 } } \\\$ 12 & 5 & 9 & 19 \\\$ 10 & 8 & 12 & 17 \\\$ 8 & 11 & 15 & 15 \\\$ 6 & 13 & 18 & 13 \\\$ 4 & 16 & 21 & 11 \\\$ 2 & 18 & 24 & 9\end{array}$$
-Refer to Table 3-D.If D₁ and S₂ represent the demand and supply schedules in a particular market, the equilibrium price and quantity are ____ and ____, respectively.

• A)$12; 9
• B)$10; 12
• C)$10; 8
• D)$8; 11
• E)between $8 and $10; between 10 and 12

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Definitions:

Commercial Impracticability

A legal doctrine that excuses a party from fulfilling a contract due to unforeseen and extreme difficulties or expenses.

Adequacy of Consideration

The sufficiency of value exchanged in a contract that must be present for the agreement to be legally binding.

Warranty

An express or implied promise by a seller that specific goods to be sold meet certain criteria, or standards of performance, on which the buyer may rely.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.