Table 9.3
-Table 9.3 represents 3 markets for used stereos. Which of the markets in Table 9.3 are in equilibrium?
A) 1 only
B) 2 only
C) 3 only
D) none of the above

Question

Table 9.3
-Table 9.3 represents 3 markets for used stereos. Which of the markets in Table 9.3 are in equilibrium?
A) 1 only 
B) 2 only 
C) 3 only 
D) none of the above

Quizplus · Accepted Answer

A market is in equilibrium when the quantity demanded equals the quantity supplied at a certain price. Without specific data from Table 9.3, it's impossible to determine which, if any, of the markets are in equilibrium.

Table 9.3 -Table 9.3 Represents 3 Markets for Used Stereos. Which of Which