Refer to Table 4-1. What is the equilibrium price in the example above?
A) $9
B) $8
C) $7
D) $6
E) $5

Name: Refer to Table 4-1. What is the equilibrium price in the example above? A) $9 B) $8 C) $7 D) $6 E) $5
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Question

Refer to Table 4-1. What is the equilibrium price in the example above?
A) $9 
B) $8 
C) $7 
D) $6 
E) $5

Quizplus · Accepted Answer

At the intersection of the demand and supply curve, the equilibrium price is $7. It is the point where the quantity demanded is equal to the quantity supplied.