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Suppose that when milk sells for $4.50 per gallon, the quantity of milk demanded is 3,250 gallons per day and the quantity of milk supplied is 3,860 gallons per day. Will the equilibrium price of milk be greater than, less than, or equal to $4.50 per gallon? O The equilibrium price of milk will be less than $4.50. O There is not enough information to determine whether the equilibrium price of milk will be greater than, less than, or equal to $4.50. O The equilibrium price of milk will be greater than $4.50. O The equilibrium price of milk will be equal to $4.50.

Suppose that when milk sells for $4.50 per gallon, the quantity of milk demanded is 3,250 gallons per day and the quantity of milk supplied is 3,860 gallons per day. Will the equilibrium price of milk be greater than, less than, or equal to $4.50 per gallon? O The equilibrium price of milk will be less than $4.50. O There is not enough information to determine whether the equilibrium price of milk will be greater than, less than, or equal to $4.50. O The equilibrium price of milk will be greater than $4.50. O The equilibrium price of milk will be equal to $4.50.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose that when milk sells for $4.50 per gallon, the quantity of milk demanded is 3,250 gallons per day and the quantity of milk supplied is 3,860 gallons per day. Will the equilibrium price of milk be greater than, less than, or equal to $4.50 per gallon? O The equilibrium price of milk will be less than $4.50. O There is not enough information to determine whether the equilibrium price of milk will be greater than, less than, or equal to $4.50. O The equilibrium price of milk will be greater than $4.50. O The equilibrium price of milk will be equal to $4.50.
Transcribed Image Text:Suppose that when milk sells for $4.50 per gallon, the quantity of milk demanded is 3,250 gallons per day and the quantity of milk supplied is 3,860 gallons per day. Will the equilibrium price of milk be greater than, less than, or equal to $4.50 per gallon? O The equilibrium price of milk will be less than $4.50. O There is not enough information to determine whether the equilibrium price of milk will be greater than, less than, or equal to $4.50. O The equilibrium price of milk will be greater than $4.50. O The equilibrium price of milk will be equal to $4.50.
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