Please refer to the following diagram. In the diagram if the supply curve is S, the equilibrium price is:

Name: Please refer to the following diagram. In the diagram if the supply curve is S, the equilibrium price is:
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Question

Please refer to the following diagram.  In the diagram if the supply curve is S, the equilibrium price is:

Quizplus · Accepted Answer

According to the diagram, the intersection of the supply curve (S) and the demand curve (D) occurs at a price of 3. This is the equilibrium price, where the quantity supplied and quantity demanded are equal. Therefore, the best choice is B)3.

Please Refer to the Following Diagram