Use the table below to choose the correct answer. The table is a schedule of the supply and demand for coffee (both given in thousands of pounds per month).
The equilibrium market price of coffee would be

Question

Use the table below to choose the correct answer. The table is a schedule of the supply and demand for coffee (both given in thousands of pounds per month). 
The equilibrium market price of coffee would be

Quizplus · Accepted Answer

The equilibrium price is where the quantity supplied equals the quantity demanded. At a price of $10 per pound, the quantity supplied is 350 thousand pounds and the quantity demanded is also 350 thousand pounds, which is the equilibrium point. Therefore, the correct answer is C, $10 per pound.

Use the Table Below to Choose the Correct Answer