Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules
$\begin{array}{l}
\quad\quad\quad\quad\quad\quad\text { Quartity Dernarded by }\
\begin{array} { | r | r | r | r | c | }
\hline { \text { Price } } & { \text { Alejandro } } & { \text { Ben } } & \text { Carl } & \text { Market } \
\hline \$ 8.00 & 8 & 4 & 2 & \
\hline 6.00 & 12 & 4 & 4 & \
\hline 4.00 & 20 & 4 & 6 & \
\hline 2.00 & 22 & 4 & 6 & \
\hline
\end{array}
\end{array}$

$\begin{array}{l}
\quad\quad\quad\quad\quad\quad\text { Quartity Supplied by }\
\begin{array} { | r | r | r | r | c | }
\hline { \text { Price } } & { \text { Avery } } & { \text { Brandon } } & \text { Cassandra} &\quad\quad\quad\quad \
\hline \$ 8.00 & 60 & 4 &6 & \
\hline \$6.00 & 42 & 4 & 4 & \
\hline \$4.00 & 24 & 4 & 2 & \
\hline\$ 2.00 &6 & 4 & 0 & \
\hline
\end{array}
\end{array}$

In Table 3.1,the equilibrium market quantity is
A)14.
B)22.
C)30.
D)70.

Question

Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules
$\begin{array}{l}
\quad\quad\quad\quad\quad\quad\text { Quartity Dernarded by }\
\begin{array} { | r | r | r | r | c | } 
\hline { \text { Price } } &  { \text { Alejandro } } & { \text { Ben } } & \text { Carl } & \text { Market } \
\hline \$ 8.00 & 8 & 4 & 2 & \
\hline 6.00 & 12 & 4 & 4 & \
\hline 4.00 & 20 & 4 & 6 & \
\hline 2.00 & 22 & 4 & 6 & \
\hline
\end{array}
\end{array}$

$\begin{array}{l}
\quad\quad\quad\quad\quad\quad\text { Quartity Supplied by }\
\begin{array} { | r | r | r | r | c | } 
\hline { \text { Price } } &  { \text { Avery } } & { \text { Brandon } } & \text { Cassandra} &\quad\quad\quad\quad \
\hline \$ 8.00 & 60 & 4 &6 & \
\hline \$6.00 & 42 & 4 & 4 & \
\hline \$4.00 & 24 & 4 & 2 & \
\hline\$ 2.00 &6 & 4 & 0 & \
\hline
\end{array}
\end{array}$

In Table 3.1,the equilibrium market quantity is
A)14.
B)22.
C)30.
D)70.

Quizplus · Accepted Answer

To find the equilibrium market quantity, we need to find where the quantity demanded equals the quantity supplied. By adding the individual quantities demanded and supplied at each price level, we can identify the equilibrium. At a price of $8.00, the quantity demanded is 14 (8+4+2) and the quantity supplied is 70 (60+4+6). At $6.00, the quantity demanded is 20 (12+4+4) and the quantity supplied is 50 (42+4+4). At $4.00, the quantity demanded is 30 (20+4+6) and the quantity supplied is 30 (24+4+2). At $2.00, the quantity demanded is 32 (22+4+6) and the quantity supplied is 10 (6+4+0). The equilibrium is found at a price of $4.00, where the quantity demanded equals the quantity supplied at 30 units.

Refer to Table 3 In Table 3