Table 9.4
-In Table 9.4, Market 3 would be in equilibrium if buyers believed plums accounted for
A) 11.11% of the market.
B) 22.22% of the market.
C) 33.33% of the market.
D) 66.67% of the market.

Question

Table 9.4
-In Table 9.4, Market 3 would be in equilibrium if buyers believed plums accounted for
A) 11.11% of the market. 
B) 22.22% of the market. 
C) 33.33% of the market. 
D) 66.67% of the market.

Quizplus · Accepted Answer

In Market 3, buyers believe that plums account for 1/3 of the market (33.33%). At this proportion, the quantity demanded by buyers (20 units) would equal the quantity supplied by sellers (6 units), resulting in equilibrium.

Table 9.4 -In Table 9.4, Market 3 Would Be in Equilibrium If