The supply and demand schedules for the umbrella market are given below: TABLE 3-2 Refer to Table 3-2.The equilibrium price for umbrellas is

Question

The supply and demand schedules for the umbrella market are given below:  TABLE 3-2 Refer to Table 3-2.The equilibrium price for umbrellas is

Quizplus · Accepted Answer

The equilibrium price is where the quantity demanded equals the quantity supplied. This occurs at a price of $20, where the quantity demanded is 300 umbrellas and the quantity supplied is 300 umbrellas. At any other price, there would be either a surplus or a shortage of umbrellas in the market.

The Supply and Demand Schedules for the Umbrella Market Are