The diagram below represents the market for butter.
FIGURE 4-1

-Refer to Figure 4-1. What is the equilibrium price of butter?

Name: The diagram below represents the market for butter. FIGURE 4-1 -Refer to Figure 4-1. What is the equilibrium price of butter?
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Question

The diagram below represents the market for butter.
FIGURE 4-1
 
-Refer to Figure 4-1. What is the equilibrium price of butter?

Quizplus · Accepted Answer

The equilibrium price is where the supply and demand curves intersect. In Figure 4-1, this intersection occurs at $3.

The Diagram Below Represents the Market for Butter