Exhibit -Refer to Exhibit

Exhibit
$\begin{array}{ccc} \text{Price per gallon} & \begin{array}{c} \text{Quantity Demanded }\\\text{(thousands of gallons) }\end{array} & \begin{array}{c} \text{Quantity Supplied} \\\text{of ga soline }\\\text{(thousands of gallons) }\end{array} \\\hline\$ 4.50 & 600 & 2,000 \\\$ 4.25 & 700 & 1,900 \\\$ 4.00 & 800 & 1,800 \\\$ 3.75 & 950 & 1,700 \\\$ 3.50 & 1,200 & 1,600 \\\$ 3.25 & 1,500 & 1,500 \\ \$ 3.00 & 1,800 & 1,400 \\\$ 2.75 & 2,100 & 1,300 \\\$ 2.50& 2,400 & 1,200\end{array}$
-Refer to Exhibit. According to the data in the above table, the equilibrium price of gasoline is:

A) $3.00
B) $3.25
C) $3.50
D) $3.75
E) $4.00

Correct Answer:

Verified

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