For questions 10 through 12, refer to the graph below. This graph illustrates the supply and demand for \"Good X.\"
price
45.20
27.75
17.75
Supply
Demand
4.90
0
0
quantity
5,040
9,660
14,280
10.
In this market there would be
at a price of $15.00.
A.
excess demand
B.
excess supply
C.
both excess demand and excess supply
D.
neither excess demand nor excess supply
11.
Focusing on the 7,500$^{th}$ unit, the buyer of this unit has a reservation price
A.
less than $4.90
B.
greater than $4.90 but less than $17.75
C.
greater than $17.75 but less than $27.75
D.
greater than $27.75 but less than $45.20
12.
Imposing a per unit tax of $5 on sellers in this market would generate tax revenue of
A.
exactly $25,200
B.
more than $25,200 but less than $48,300
C.
exactly $48,300
D.
more than $48,300 but less than $71,400
