Figure 3-10
Figure 3-10 illustrates the conditions of demand and supply in the market for compact discs. Indicate the equilibrium price and quantity.

Question

Figure 3-10 
Figure 3-10 illustrates the conditions of demand and supply in the market for compact discs. Indicate the equilibrium price and quantity.

Quizplus · Accepted Answer

At the intersection of the demand and supply curves, the equilibrium price is $15 and the equilibrium quantity is 3,000. This is the point where the quantity of compact discs demanded by consumers is equal to the quantity supplied by producers, resulting in no surplus or shortage in the market. Therefore, the best choice is B, with a price of $15 and a quantity of 3,000.

Figure 3-10 Figure 3-10 Illustrates the Conditions of Demand and Supply in and Supply