The following table shows the quantity demanded and quantity supplied of grapefruits (in millions of kilos) :
-Refer to the table above to answer this question.If the price of oranges (a substitute) were to decrease,causing the demand for grapefruit to change by 12 million of kilos,what will be the new equilibrium price and quantity?
A) $2.25 and 24 million kilos
B) $2.25 and 48 million kilos
C) $2.75 and 44 million kilos
D) $3.25 and 40 million kilos
Correct Answer:
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