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Exhibit 4-16 Refer to Exhibit 4-16

Question 245

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Exhibit 4-16 Exhibit 4-16 Refer to exhibit 4-16.If the market for baby formula is given by the demand curve D<sub>1</sub> and the supply curve S<sub>1</sub>, what is the equilibrium price and quantity? A) P<sub>1</sub>, Q<sub>2</sub> B) P<sub>3</sub>, Q<sub>4</sub> C) P<sub>4</sub>, Q<sub>3</sub> D) P<sub>2</sub>, Q<sub>1</sub> E) P<sub>1</sub>, Q<sub>1</sub> Refer to exhibit 4-16.If the market for baby formula is given by the demand curve D1 and the supply curve S1, what is the equilibrium price and quantity?


A) P1, Q2
B) P3, Q4
C) P4, Q3
D) P2, Q1
E) P1, Q1

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