-The figure above shows the market for annual influenza immunisations in Australia. With no government intervention, the market equilibrium is at a price of ________ and ________ million immunisations per year.

Question

Quizplus · Accepted Answer

The market equilibrium is at the point where the supply curve intersects the demand curve. The supply curve is upward sloping, and the demand curve is downward sloping. The equilibrium price is the price at which the quantity supplied equals the quantity demanded. The equilibrium quantity is the quantity that is bought and sold at the equilibrium price. In this case, the equilibrium price is $30, and the equilibrium quantity is 14 million immunisations per year.

-The Figure Above Shows the Market for Annual Influenza Immunisations