This table shows the demand and supply schedule of a good. According to the table shown,the equilibrium in this market will occur at:

Question

This table shows the demand and supply schedule of a good.  According to the table shown,the equilibrium in this market will occur at:

Quizplus · Accepted Answer

The equilibrium occurs where the quantity demanded equals the quantity supplied. In the table, the quantity demanded at a price of $1.50 is 31 and the quantity supplied at a price of $1.50 is also 31. Therefore, the equilibrium in this market will occur at a price of $1.50 and a quantity of 31.

This Table Shows the Demand and Supply Schedule of a Good