The following figure shows the demand and supply curves for gas. D₁ is the initial demand curve, and S is the supply curve.

-Refer to the figure above.When the demand curve for gas is D₁ and the supply curve for gas is S,the equilibrium price is ________.

Question

The following figure shows the demand and supply curves for gas. D₁ is the initial demand curve, and S is the supply curve.
 
-Refer to the figure above.When the demand curve for gas is D₁ and the supply curve for gas is S,the equilibrium price is ________.

Quizplus · Accepted Answer

The equilibrium price is where the demand curve (D₁) intersects the supply curve (S), which, according to the given options, is at $5.

The Following Figure Shows the Demand and Supply Curves for Gas