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Suppose That the Equilibrium Price of a Good Is $7

Question 89

Multiple Choice

Suppose that the equilibrium price of a good is $7.50 and the equilibrium quantity is 20 units.Thus,


A) total revenue is $150 and total expenditure is less than $150.
B) total revenue and total expenditure are equal at $150.
C) total expenditure is $150 and total revenue is less than $150.
D) total revenue is $150 but total expenditure cannot be calculated.
E) total expenditure is $150 but total revenue cannot be calculated.

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