Answer the question on the basis of the given supply and demand data for wheat. Equilibrium price will be

Question

Answer the question on the basis of the given supply and demand data for wheat.  Equilibrium price will be

Quizplus · Accepted Answer

Equilibrium price is the point where demand and supply curves intersect. In this case, the demand curve intersects the supply curve at a price of $2. At this price, the quantity demanded (5 units) equals the quantity supplied (5 units), which is the equilibrium quantity. Therefore, the equilibrium price will be $2.

Answer the Question on the Basis of the Given Supply