$$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Quantity Demanded } \
\text { Domestically }
\end{array} & \text { Price } & \begin{array} { c }
\text { Quantity Supplied } \
\text { Domestically }
\end{array} \
\hline 1,400 & \$ 10 & 2,200 \
\hline 1,600 & 9 & 2,000 \
\hline 1,800 & 8 & 1,800 \
\hline 2,000 & 7 & 1,600 \
\hline 2,200 & 6 & 1,400 \
\hline 2,400 & 5 & 1,200 \
\hline
\end{array}$$ Refer to the accompanying table for a certain product's market in Econland. If Econland was entirely closed to international trade, the equilibrium price and quantity would be

Question

$$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Quantity Demanded } \
\text { Domestically }
\end{array} & \text { Price } & \begin{array} { c } 
\text { Quantity Supplied } \
\text { Domestically }
\end{array} \
\hline 1,400 & \$ 10 & 2,200 \
\hline 1,600 & 9 & 2,000 \
\hline 1,800 & 8 & 1,800 \
\hline 2,000 & 7 & 1,600 \
\hline 2,200 & 6 & 1,400 \
\hline 2,400 & 5 & 1,200 \
\hline
\end{array}$$ Refer to the accompanying table for a certain product's market in Econland. If Econland was entirely closed to international trade, the equilibrium price and quantity would be

Quizplus · Accepted Answer

At equilibrium, the quantity demanded domestically would be equal to the quantity supplied domestically. Looking at the table, we can see that at a price of \$8, the quantity demanded domestically is equal to the quantity supplied domestically, both being 1,800 units. Therefore, the equilibrium price and quantity would be \$8 and 1,800 units. Choice B is the only option that matches this.

Refer to the Accompanying Table for a Certain Product's Market