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Given below is a schedule for a hypothetical market for a particular good. Which of the statements below is/are correct? Quantity Quantity Price demanded supplied
Given below is a schedule for a hypothetical market for a particular good. Which of the statements below is/are correct? Quantity Quantity Price demanded supplied 0 120 0 5 100 40 10 90 80 15 85 90 20 70 100 25 30 130 30 5 170 40 0 200 Equilibrium price and quantity is 10 and 85 respectively. Equilibrium price will be somewhere between 10 and 15. (iii) The demand curve is not a straight line therefore we can't work out equilibrium price or quantity. (iv) Equilibrium quantity will be less than 90 units. (v ) Equilibrium quantity will be more than 80 units. O A. Only (i), (iii) and (v) are correct. O B. Only (ii) and (iv) are correct. O C. Only (i) and (v) are correct. O D. Only (ii), (iv) and (v) are correct. O E. Only (iii) is correct
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