Figure 2.2 The Market for Apples

-Refer to Figure 2.2. Equilibrium in the apple market occurs where price is ______ and quantity is ______.
A) $4; 1,200 bushels
B) $3; 800 bushels
C) $4; 1,600 bushels
D) $5; 1,200 bushels

Question

Figure 2.2 The Market for Apples
 
-Refer to Figure 2.2. Equilibrium in the apple market occurs where price is ______ and quantity is ______.
A) $4; 1,200 bushels 
B) $3; 800 bushels 
C) $4; 1,600 bushels 
D) $5; 1,200 bushels

Quizplus · Accepted Answer

Equilibrium occurs at the point where the supply and demand curves intersect. In Figure 2.2, this occurs at a price of $4 and a quantity of 1,200 bushels.

Figure 2.2 the Market for Apples