Table 17-8.For a certain small town,the table shows the demand schedule for water.Assume the marginal cost of supplying water is constant at $4 per bottle.
-Refer to Table 17-8.If there were only one supplier of water,what would be the price and quantity?
A) The price would be $7 per gallon and the quantity would be 300 gallons.
B) The price would be $6 per gallon and the quantity would be 400 gallons.
C) The price would be $5 per gallon and the quantity would be 500 gallons.
D) The price would be $4 per gallon and the quantity would be 600 gallons.
Correct Answer:
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