Figure 7-12

-Refer to Figure 7-12.At the quantity Q₂,
A)the value to buyers and the cost to sellers are both P₂.
B)the value to buyers is P₂ and the cost to sellers is P₃.
C)the value to buyers and the cost to sellers are both P₃.
D)the value to buyers is P₃ and the cost to sellers is P₂.

Question

Figure 7-12
 
-Refer to Figure 7-12.At the quantity Q₂,
A)the value to buyers and the cost to sellers are both P₂. 
B)the value to buyers is P₂ and the cost to sellers is P₃. 
C)the value to buyers and the cost to sellers are both P₃. 
D)the value to buyers is P₃ and the cost to sellers is P₂.

Quizplus · Accepted Answer

At quantity Q₂, the price on the demand curve (value to buyers) is P₂, and the price on the supply curve (cost to sellers) is P₃.

Figure 7-12 -Refer to Figure 7-12.At the Quantity Q₂