Refer to the above data.The equilibrium price in this market is:

Question

Quizplus · Accepted Answer

The equilibrium price is the price at which the quantity demanded equals quantity supplied. In this case, the equilibrium quantity is 100 units and the corresponding equilibrium price is $13. At any price below $13, the quantity demanded exceeds the quantity supplied, resulting in a shortage. At any price above $13, the quantity supplied exceeds the quantity demanded, resulting in a surplus. Thus, C) $13 is the correct choice.

Refer to the Above Data