Figure 3-2 Given the supply and demand conditions illustrated in Figure 3-2, the equilibrium price of steak is

Question

Figure 3-2  Given the supply and demand conditions illustrated in Figure 3-2, the equilibrium price of steak is

Quizplus · Accepted Answer

At the intersection of the supply and demand curves, the equilibrium price is $6 per pound. This is where the quantity demanded by buyers is equal to the quantity supplied by sellers, resulting in a market equilibrium. Any price other than $6 per pound would result in either excess demand or excess supply.

Figure 3-2 Given the Supply and Demand Conditions Illustrated