Refer to the following figure to answer the following questions.

-Which of the quantity (Q)and price (P)combinations in the accompanying figure represents the market at competitive equilibrium?

Question

Refer to the following figure to answer the following questions.
 
-Which of the quantity (Q)and price (P)combinations in the accompanying figure represents the market at competitive equilibrium?

Quizplus · Accepted Answer

The market at competitive equilibrium is where the supply and demand curves intersect. In this figure, the intersection of the supply and demand curves is at point C, which corresponds to a quantity of 22 and a price of $8. This is the only quantity and price combination that represents the market at competitive equilibrium.

Refer to the Following Figure to Answer the Following Questions