Refer to the diagram below for the market for corn.The equilibrium price and quantity in this market are:

Question

Quizplus · Accepted Answer

The equilibrium point is where the supply curve and demand curve intersect. In this diagram, that point is at a price of $3 and a quantity of 8,000 bushels. This is the only point where both buyers and sellers are satisfied and there is no excess supply or demand. Therefore, the correct answer is B.

Refer to the Diagram Below for the Market for Corn