-Refer to Exhibit 3-1.Equilibrium price and quantity are ____________________,respectively.
A) $2 and 250 units
B) $4 and 250 units
C) $2 and 150 units
D) $6 and 250 units
E) none of the above

Question

-Refer to Exhibit 3-1.Equilibrium price and quantity are ____________________,respectively.
A) $2 and 250 units 
B) $4 and 250 units 
C) $2 and 150 units 
D) $6 and 250 units 
E) none of the above

Quizplus · Accepted Answer

Equilibrium occurs where the supply and demand curves intersect, indicating the price at which the quantity supplied equals the quantity demanded. Without seeing Exhibit 3-1, the correct answer cannot be determined from the information provided. However, if option B is marked as correct, it suggests that at a price of $4, the quantity supplied and demanded is 250 units, indicating the equilibrium point.