Exhibit 4-10 Supply and demand data for apricots $$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Bushels demanded } \
\text { per month }
\end{array} & \begin{array} { c }
\text { Price per } \
\text { bushel }
\end{array} & \begin{array} { c }
\text { Bushels supplied } \
\text { per month }
\end{array} \
\hline 50 & \$ 5 & 80 \
55 & 4 & 75 \
60 & 3 & 70 \
65 & 2 & 65 \
70 & 1 & 55 \
\hline
\end{array}$$
-In Exhibit 4-10, the equilibrium price is:
A) $1.
B) $2.
C) $3.
D) $4.

Question

Exhibit 4-10 Supply and demand data for apricots $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Bushels demanded } \
\text { per month }
\end{array} & \begin{array} { c } 
\text { Price per } \
\text { bushel }
\end{array} & \begin{array} { c } 
\text { Bushels supplied } \
\text { per month }
\end{array} \
\hline 50 & \$ 5 & 80 \
55 & 4 & 75 \
60 & 3 & 70 \
65 & 2 & 65 \
70 & 1 & 55 \
\hline
\end{array}$$
-In Exhibit 4-10, the equilibrium price is:
A) $1.
B) $2.
C) $3.
D) $4.

Quizplus · Accepted Answer

The equilibrium price is where the quantity demanded equals the quantity supplied. At $2, both the quantity demanded and supplied are 65 bushels.

Exhibit 4-10 Supply and Demand Data for Apricots -In Exhibit 4-10, the Equilibrium Price Is: A) $1

Exhibit 4-10 Supply and Demand Data for Apricots -In Exhibit 4-10, the Equilibrium Price Is:
A) $1