Figure 4-8

-Refer to Figure 4-8.In this market,equilibrium price and quantity,respectively,are

Name: Figure 4-8 -Refer to Figure 4-8.In this market,equilibrium price and quantity,respectively,are
Brand: Quizplus
Rating: 4.8 (54 reviews)

Question

Figure 4-8
 
-Refer to Figure 4-8.In this market,equilibrium price and quantity,respectively,are

Quizplus · Accepted Answer

At the intersection of the supply and demand curves, we can see that the equilibrium price is $10 and the equilibrium quantity is 50. This is where the market is in balance, and the quantity demanded and quantity supplied are equal. Therefore, choice C is the correct answer.

Figure 4-8 -Refer to Figure 4-8.In This Market,equilibrium Price and Quantity,respectively,are