Use the table below to choose the correct answer. The table is a schedule of the supply and demand for coffee (both given in thousands of pounds per month).
The equilibrium market price of coffee would be

Question

Use the table below to choose the correct answer. The table is a schedule of the supply and demand for coffee (both given in thousands of pounds per month).
 The equilibrium market price of coffee would be

Quizplus · Accepted Answer

The equilibrium market price is the point where the quantity demanded and quantity supplied are equal. In this table, the quantity demanded at a price of $10 per pound is 160, and the quantity supplied at a price of $10 per pound is also 160. Therefore, the equilibrium market price of coffee would be $10 per pound.

Use the Table Below to Choose the Correct Answer