Suppose that the table shown shows the demand and supply schedules for pork bellies. Based on the table, the equilibrium price of pork bellies is: $$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Price } \
\text { (\$/lb.) }
\end{array} & \text { Quantity demanded (lbs.) } & \text { Quantity Supplied (lbs.) } \
\hline \$ 0.10 & 30,000 & 5,000 \
\hline \$ 0.20 & 25,000 & 10,000 \
\hline \$ 0.50 & 20,000 & 20,000 \
\hline \$ 0.75 & 15,000 & 30,000 \
\hline \$ 0.95 & 5,000 & 40,000 \
\hline
\end{array}$$
A) $0.10/lb.
B) $0.25/lb.
C) $0.50/lb.
D) $0.75/lb.

Question

Suppose that the table shown shows the demand and supply schedules for pork bellies. Based on the table, the equilibrium price of pork bellies is: $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Price } \
\text { (\$/lb.) }
\end{array} & \text { Quantity demanded (lbs.) } & \text { Quantity Supplied (lbs.) } \
\hline \$ 0.10 & 30,000 & 5,000 \
\hline \$ 0.20 & 25,000 & 10,000 \
\hline \$ 0.50 & 20,000 & 20,000 \
\hline \$ 0.75 & 15,000 & 30,000 \
\hline \$ 0.95 & 5,000 & 40,000 \
\hline
\end{array}$$
A) $0.10/lb.
B) $0.25/lb.
C) $0.50/lb.
D) $0.75/lb.

Quizplus · Accepted Answer

The equilibrium price is where the quantity demanded equals the quantity supplied. At $0.50/lb., both the quantity demanded and supplied are 20,000 lbs.

Suppose That the Table Shown Shows the Demand and Supply