Exhibit Price per gallon$4.50$4.25$4.00$3.75$3.50$3.25$3.00$2.75$2.50Quantity Demanded (thousands of gallons) 6007008009501,2001,5001,8002,1002,400Quantity Suppliedof ga soline (thousands of gallons) 2,0001,9001,8001,7001,6001,5001,4001,3001,200 -Refer to Exhibit. According to the data in the above table, the equilibrium price of gasoline is:
A) $3.00 B) $3.25 C) $3.50 D) $3.75 E) $4.00
Correct Answer:
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