Business, 12.02.2020 00:54, erinleyanne

Five hundred units of good x are currently bought and sold. The marginal buyer is willing to pay $40 for the 500th unit, and the cost to the marginal seller is $35 for the 500th unit. We know that Group of answer choices

1. the equilibrium price of good x is somewhere between $35 and $40.
2. the equilibrium quantity of good x exceeds 500 units.
3. 500 units is not an efficient quantity of good x.
4. All of the above are correct.

Answers: 2

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Five hundred units of good x are currently bought and sold. The marginal buyer is willing to pay $40...