-Refer to Exhibit 3-4.If this is a competitive market,price and quantity will gravitate toward
A) $6 and 10 units,respectively.
B) $6 and 20 units,respectively.
C) $4 and 15 units,respectively.
D) $2 and 15 units,respectively.

Question

-Refer to Exhibit 3-4.If this is a competitive market,price and quantity will gravitate toward
A) $6 and 10 units,respectively. 
B) $6 and 20 units,respectively. 
C) $4 and 15 units,respectively. 
D) $2 and 15 units,respectively.

Quizplus · Accepted Answer

In a competitive market, the equilibrium price and quantity occur where the supply and demand curves intersect. This point ensures that the quantity supplied equals the quantity demanded. Without seeing Exhibit 3-4, the correct answer typically corresponds to the equilibrium point described.