Use the Following to Answer Questions

Multiple Choice

Use the following to answer questions:
Figure: Demand and Supply of Gasoline
-(Figure: Demand and Supply of Gasoline) Look at the figure Demand and Supply of Gasoline. The initial equilibrium price and quantity (at intersection of S₁ and D) of gasoline 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.