Exhibit 3-6 Milk market
Price per Quart
Quantity Demanded
(Quarts per week)
Quantity Supplied
(Quarts per week)
0.70
20
180
0.60
60
140
0.50
100
100
0.40
140
60
0.30
180
20
In Exhibit 3-6, which of the following are the equilibrium price and equilibrium quantity in the milk market?
A. $0.70 per quart and 200 quarts of milk.
B. $0.30 per quart and 100 quarts of milk.
C. $0.50 per quart and 100 quarts of milk.
D. $0.40 per quart and 60 quarts of milk.
Answer: C
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