The Following Questions Refer to the following graph.For each question,disregard any irrelevant lines.
-Suppose the market is competitivE.Equilibrium market price and output will be

Question

The Following Questions Refer to the following graph.For each question,disregard any irrelevant lines. 
-Suppose the market is competitivE.Equilibrium market price and output will be

Quizplus · Accepted Answer

In a competitive market, the equilibrium price and output occur at the intersection of the demand and supply curves. In this case, the intersection occurs at P₂ and X₃. Therefore, option B is the correct answer.

The Following Questions Refer to the Following Graph