Table 17-4
The table shows the town of Mauston's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline.
-Refer to Table 17-4. If the market for gasoline in Mauston is perfectly competitive, then the equilibrium price of gasoline is
A)$7 and the equilibrium quantity is 150 gallons.
B)$5 and the equilibrium quantity is 250 gallons.
C)$3 and the equilibrium quantity is 350 gallons.
D)$0 and the equilibrium quantity is 500 gallons.

Question

Table 17-4
The table shows the town of Mauston's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline. 
-Refer to Table 17-4. If the market for gasoline in Mauston is perfectly competitive, then the equilibrium price of gasoline is
A)$7 and the equilibrium quantity is 150 gallons. 
B)$5 and the equilibrium quantity is 250 gallons. 
C)$3 and the equilibrium quantity is 350 gallons. 
D)$0 and the equilibrium quantity is 500 gallons.

Quizplus · Accepted Answer

The Answer of Table 17-4
The table shows the town of Mauston's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline. 
-Refer to Table 17-4. If the market for gasoline in Mauston is perfectly competitive, then the equilibrium price of gasoline is
A)$7 and the equilibrium quantity is 150 gallons. 
B)$5 and the equilibrium quantity is 250 gallons. 
C)$3 and the equilibrium quantity is 350 gallons. 
D)$0 and the equilibrium quantity is 500 gallons.

Table 17-4 the Table Shows the Town of Mauston's Demand Schedule for Schedule