Refer to the figure below: In the figure,the equilibrium price and quantity are

Question

Refer to the figure below:  In the figure,the equilibrium price and quantity are

Quizplus · Accepted Answer

The equilibrium occurs where the demand and supply curves intersect. In this case, it is at a price of $6 and a quantity of 300. Option A is incorrect because the quantity demanded at $6 is only 300, not 800. Option B is incorrect because the quantity supplied at $4 is only 300, not 800. Option C is incorrect because the price is $6 at 400, not $4. Option D is correct because it correctly identifies the equilibrium price and quantity. Option E is incorrect because the price is $6, not $7.

Refer to the Figure Below: in the Figure,the Equilibrium