Exhibit 11.5

-Refer to Exhibit 11.5,which shows the demand and supply curves of a resource.The equilibrium amount of the resource exchanged in the market is _____
A)more than 100 units.
B)100 units.
C)60 units.
D)less than 60 units.
E)between 60 and 100 units.

Question

Exhibit 11.5
 
-Refer to Exhibit 11.5,which shows the demand and supply curves of a resource.The equilibrium amount of the resource exchanged in the market is _____
A)more than 100 units. 
B)100 units. 
C)60 units. 
D)less than 60 units. 
E)between 60 and 100 units.

Quizplus · Accepted Answer

The equilibrium amount of a resource in a market is determined where the demand and supply curves intersect. This point represents the quantity at which the quantity demanded by consumers equals the quantity supplied by producers, establishing the market equilibrium.

Exhibit 11.5 -Refer to Exhibit 11.5,which Shows the Demand and Supply Curves