Figure 10-1
This figure reflects the market for outdoor concerts in a public park surrounded by residential neighbourhoods.

-Refer to Figure 10-1.At the private market outcome,what will the equilibrium price be

Question

Figure 10-1
This figure reflects the market for outdoor concerts in a public park surrounded by residential neighbourhoods.
 
-Refer to Figure 10-1.At the private market outcome,what will the equilibrium price be

Quizplus · Accepted Answer

The equilibrium price in a private market outcome is determined where the supply and demand curves intersect. In Figure 10-1, this intersection occurs at price P₁.

Figure 10-1 This Figure Reflects the Market for Outdoor Concerts in a in a Public