The demand and supply schedules for a hypothetical Canadian market for barley are given below:
TABLE 3-3
-Refer to Table 3-3.The equilibrium price of barley is

Question

The demand and supply schedules for a hypothetical Canadian market for barley are given below:
  TABLE 3-3
-Refer to Table 3-3.The equilibrium price of barley is

Quizplus · Accepted Answer

The equilibrium price is at the point where the quantity demanded equals the quantity supplied. Looking at the table, we can see that at a price of $150, the quantity demanded is 1600 and the quantity supplied is 1600. Therefore, $150 is the equilibrium price.

The Demand and Supply Schedules for a Hypothetical Canadian Market