(Figure: Interpreting Market Equilibrium) The equilibrium price and quantity in this market are

Question

Quizplus · Accepted Answer

The equilibrium price and quantity occur at the intersection of the demand and supply curves. In this case, the intersection occurs at a price of $15 and a quantity of 3,000 units. Option A and B have a lower quantity than the equilibrium quantity, while option D has a higher quantity than the equilibrium quantity. Therefore, option C is the best choice.

(Figure: Interpreting Market Equilibrium) the Equilibrium Price and Quantity in This