4.(Figure: Good X) From the figure, the maximum price that consumers are willing to pay for _____ units of good X is _____ per unit.
5.Suppose that large oil reserves are discovered off the coast of Cuba, and these reserves will increase the world's supply of oil by 2.5%. If the elasticity of demand and supply of oil are -0.50 and 0.40, respectively, what happens to the price of oil?
A)It falls by 2.78%. B)It falls by 25%. C)It falls by 2.5%. D)It falls by 36%. 6.If sellers want to sell more products than buyers are willing to purchase, we know that: