The demand and supply schedules for a hypothetical Canadian market for barley are given below: TABLE 3-3 Refer to Table 3-3.The equilibrium price of barley is

Question

The demand and supply schedules for a hypothetical Canadian market for barley are given below:  TABLE 3-3 Refer to Table 3-3.The equilibrium price of barley is

Quizplus · Accepted Answer

The equilibrium price of barley is the price at which the quantity demanded equals the quantity supplied. In this case, the equilibrium price is where the quantity demanded is 400 million bushels and the quantity supplied is 400 million bushels. This occurs at a price of $150 per bushel. Therefore, the answer is B.

The Demand and Supply Schedules for a Hypothetical Canadian Market