The supply and demand schedules for the umbrella market are given below: $$\begin{array}{l}
\begin{array} { | l | l | l | }
\hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \
\hline \$ 10 & 400 & 700 \
\hline \$ 15 & 500 & 650 \
\hline \$ 20 & 600 & 600 \
\hline \$ 25 & 700 & 550 \
\hline \$ 30 & 800 & 500 \
\hline
\end{array}\
\text { TABLE } 3 - 2
\end{array}$$
-Refer to Table 3- 2. The equilibrium price for umbrellas is .

Question

The supply and demand schedules for the umbrella market are given below: $$\begin{array}{l}
\begin{array} { | l | l | l | } 
\hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \
\hline \$ 10 & 400 & 700 \
\hline \$ 15 & 500 & 650 \
\hline \$ 20 & 600 & 600 \
\hline \$ 25 & 700 & 550 \
\hline \$ 30 & 800 & 500 \
\hline
\end{array}\
\text { TABLE } 3 - 2
\end{array}$$
-Refer to Table 3- 2. The equilibrium price for umbrellas is .

Quizplus · Accepted Answer

The equilibrium price is the price at which the quantity supplied equals the quantity demanded. In this case, the equilibrium price is $20, because at that price, both suppliers and consumers are willing to buy and sell 600 umbrellas.

The Supply and Demand Schedules for the Umbrella Market Are