Solved

Table 17-2

Question 26

Multiple Choice

Table 17-2. The table shows the town of Pittsville's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline.
Table 17-2. The table shows the town of Pittsville's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s)  incur no costs in selling gasoline.    -Refer to Table 17-2.Suppose there are exactly two sellers of gasoline in Pittsville: Exxoff and BQ.If Exxoff sells 300 gallons and BQ sells 400 gallons,then A)  Exxoff's profit is $900 and BQ's profit is $1,200. B)  Exxoff's profit is $2,100 and BQ's profit is $2,400. C)  there is an excess demand for gasoline in Pittsville. D)  there is an excess supply of gasoline in Pittsville.
-Refer to Table 17-2.Suppose there are exactly two sellers of gasoline in Pittsville: Exxoff and BQ.If Exxoff sells 300 gallons and BQ sells 400 gallons,then


A) Exxoff's profit is $900 and BQ's profit is $1,200.
B) Exxoff's profit is $2,100 and BQ's profit is $2,400.
C) there is an excess demand for gasoline in Pittsville.
D) there is an excess supply of gasoline in Pittsville.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents