2) Consider a market where the demand curve is downward sloping and the supply curve is upward sloping (so they are neither vertical nor horizontall). If the consumers willingness to pay for the hundredth unit is 7.00 and the seller's willingness to accept for the hundredth unit is 10.00 then the equilibrium __ A) quantity is less than 100 units B) price is less than 7.00 C) price is more than 10.00 D) quantity is more than 100 units

To determine the equilibrium quantity and price, we need to find the point where the demand curve intersects with the supply curve. At this point, the quantity demanded equals the quantity supplied, and the price is such that the quantity demanded equals the quantity supplied.<br /><br />Given that the demand curve is downward sloping and the supply curve is upward sloping, we can infer that as the price increases, the quantity demanded decreases and the quantity supplied increases. Conversely, as the price decreases, the quantity demanded increases and the quantity supplied decreases.<br /><br />In this case, the consumer's willingness to pay for the hundredth unit is $7.00, and the seller's willingness to accept for the hundredth unit is $10.00. This means that at a price of $7.00, the quantity demanded is greater than 100 units, and at a price of $10.00, the quantity supplied is greater than 100 units.<br /><br />Therefore, the equilibrium quantity is more than 100 units. The correct answer is:<br /><br />D) quantity is more than 100 units