Figure 4-7

-Refer to Figure 4-7.Equilibrium price and quantity are,respectively,

Name: Figure 4-7 -Refer to Figure 4-7.Equilibrium price and quantity are,respectively,
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Question

Figure 4-7
 
-Refer to Figure 4-7.Equilibrium price and quantity are,respectively,

Quizplus · Accepted Answer

Equilibrium price is where the demand and supply curves intersect. In this case, it is where the price is $25 and the quantity is 400. This is the only point where the quantity demanded and quantity supplied are the same. Therefore, the correct answer is C.

Figure 4-7 -Refer to Figure 4-7.Equilibrium Price and Quantity Are,respectively