-Refer to Figure 2

Multiple Choice

-Refer to Figure 2.15 to answer this question.Suppose that initially the market was in equilibrium and that demand increased by 60.What will be the new equilibrium as a result?

A) A price of $1,000 and quantity traded of 120.
B) A price of $1,000 and quantity traded of 160.
C) A price of $1,200 and quantity traded of 160.
D) A price of $1,400 and quantity traded of 160.
E) A price of $1,400 and quantity traded of 240.