Figure 4-8
-Refer to Figure 4-8.Equilibrium price and quantity are,respectively,

Name: Figure 4-8 -Refer to Figure 4-8.Equilibrium price and quantity are,respectively,
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Question

Figure 4-8 
-Refer to Figure 4-8.Equilibrium price and quantity are,respectively,

Quizplus · Accepted Answer

Equilibrium price is where the supply and demand curves intersect. In this case, that is at a price of $25. At that price point, the quantity demanded and supplied is both 400 units. Therefore, the correct choice is C, $25 and 400.

Figure 4-8 -Refer to Figure 4-8.Equilibrium Price and Quantity Are,respectively