This figure reflects the market for outdoor concerts in a public park surrounded by residential neighborhoods.
Figure 10-3
-Refer to Figure 10-3. At the private market outcome, the equilibrium price will be

Question

This figure reflects the market for outdoor concerts in a public park surrounded by residential neighborhoods.
Figure 10-3

-Refer to Figure 10-3. At the private market outcome, the equilibrium price will be

Quizplus · Accepted Answer

At the private market outcome, the equilibrium occurs at the intersection of the market demand curve (D) and the market supply curve (S), which is at point U1B11 (where quantity demanded equals quantity supplied). The corresponding price is PS1, which is $11. Therefore, the correct answer is B, P₁.

This Figure Reflects the Market for Outdoor Concerts in a Public