Table 4-2

-Refer to Table 4-2. In the table shown, the equilibrium price and quantity would be:

Name: Table 4-2 -Refer to Table 4-2. In the table shown, the equilibrium price and quantity would be:
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Question

Table 4-2
 
-Refer to Table 4-2. In the table shown, the equilibrium price and quantity would be:

Quizplus · Accepted Answer

The equilibrium price and quantity is where the supply and demand curves intersect. In this case, the intersection point is where the quantity demanded is 12 and the quantity supplied is also 12. At this point, the price is $20. Therefore, the correct answer is C, $20 and 12.

Table 4-2 -Refer to Table 4-2. in the Table Shown, the Equilibrium