$\begin{array}{ccc}
\begin{array}{c}
\text { Quantity } \
\text { Demanded }
\end{array} & \text { Price } & \begin{array}{c}
\text { Quantity } \
\text { Supplied }
\end{array} \
11 & \$ 10 & 18 \
16 & \$ 9 & 15 \
20 & \$ 8 & 10
\end{array}$
-The equilibrium price is about

Question

Quizplus · Accepted Answer

The equilibrium price is where the quantity demanded equals the quantity supplied. From the table, as the price decreases from $10 to $8, the quantity demanded increases from 11 to 20, and the quantity supplied decreases from 18 to 10. The equilibrium is reached between $9 (where quantity demanded is 16 and quantity supplied is 15) and $8 (where quantity demanded is 20 and quantity supplied is 10). Since the equilibrium must be between these two prices, and closer to $9 because the quantities are closer to each other at this price, $9.20 is a reasonable estimate for the equilibrium price.

-The Equilibrium Price Is About A)$8

-The Equilibrium Price Is About
A)$8