The above information contains supply and demand data for luxurious apartments in a downtown waterfront area.
-Refer to the above information to answer this question.What are the equilibrium values of price and quantity?
A)$1.2 million and 18.
B)$1.4 million and 18.
C)$1.6 million and 18.
D)$1.8 million and 18.
E)$2.0 million and 18.

Question

The above information contains supply and demand data for luxurious apartments in a downtown waterfront area.
-Refer to the above information to answer this question.What are the equilibrium values of price and quantity?
A)$1.2 million and 18. 
B)$1.4 million and 18. 
C)$1.6 million and 18. 
D)$1.8 million and 18. 
E)$2.0 million and 18.

Quizplus · Accepted Answer

The equilibrium point is where the quantity demanded equals the quantity supplied. Looking at the table, at a price of $1.4 million, the quantity demanded and supplied are both 18. Therefore, the equilibrium values are $1.4 million and 18.

The Above Information Contains Supply and Demand Data for Luxurious