TABLE 4-2

-Refer to Table 4-2. If D₂ and S₂ represent the demand and supply schedules in a particular market, then what are the equilibrium price and quantity in that market?

Question

TABLE 4-2
 
-Refer to Table 4-2. If D₂ and S₂ represent the demand and supply schedules in a particular market, then what are the equilibrium price and quantity in that market?

Quizplus · Accepted Answer

The equilibrium price and quantity occur where the demand and supply curves intersect, which means where the quantity demanded equals the quantity supplied. In this case, at a price of $10, the quantity demanded (D₂) and the quantity supplied (S₂) both equal 12 units, indicating equilibrium.

TABLE 4-2 -Refer to Table 4-2. If D₂ and S₂ Represent the and S₂