Use the Following to Answer Question(s): Demand and Supply of Gasoline

Multiple Choice

Use the following to answer question(s) : Demand and Supply of Gasoline

-(Exhibit: Demand and Supply of Gasoline) The initial price and quantity (at intersection of S₁ and D) in equilibrium are:

A) $2.00 and 450 gallons.
B) $1.50 and 400 gallons.
C) $2.00 and 200 gallons.
D) $2.50 and 300 gallons.