Figure 4-18
-Refer to Figure 4-18.Equilibrium price and quantity are,respectively,

Name: Figure 4-18 -Refer to Figure 4-18.Equilibrium price and quantity are,respectively,
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Question

Figure 4-18 
-Refer to Figure 4-18.Equilibrium price and quantity are,respectively,

Quizplus · Accepted Answer

The equilibrium price is where the supply and demand curves intersect. In this case, that is at a price of $25 per unit. At that price, the quantity demanded is 400 units and the quantity supplied is also 400 units, therefore the equilibrium quantity is 400 units. Option C matches both the equilibrium price and quantity.

Figure 4-18 -Refer to Figure 4-18.Equilibrium Price and Quantity Are,respectively