34. (Problem 19c.) The accompanying table gives the annual U.S. demand and supply schedules for pickup trucks.
Quantity of
trucks supplied
(millions)
Quantity of
Price
trucks demanded
of truck
(millions)
$20,000
20
14
25,000
18
15
30,000
16
16
35,000
14
17
40,000
12
18
Suppose that the U.S. Department of Transportation imposes costly regulations on manufacturers that cause them to reduce supply by one-third at any given
price. At a price of $25,000, the quantity supplied will now be _______ million trucks. The new equilibrium price is $
_______ and the new equilibrium quantity is _______ million trucks.
? 12; 40,000; 10
? 12; 40,000; 9.3
? 10; 30,000; 12
? 10; 40,000; 12
