In the market for used cars we have 10 sellers,willing to sell at the prices of $1000,$2000,$3000,$4000,$5000,$6000,$7000,$8000,$9000,$10000.If the equilibrium price in the market is $2500,how many cars would be sold?

Question

​In the market for used cars we have 10 sellers,willing to sell at the prices of $1000,$2000,$3000,$4000,$5000,$6000,$7000,$8000,$9000,$10000.If the equilibrium price in the market is $2500,how many cars would be sold?

Quizplus · Accepted Answer

At an equilibrium price of $2500, only the sellers willing to sell at $1000 and $2000 would find buyers, as their asking prices are below or equal to the equilibrium price. This means 2 cars would be sold.

​In the Market for Used Cars We Have 10 Sellers,willing

In the Market for Used Cars We Have 10 Sellers,willing