$$\begin{array} { c | c | c }
\text { Price } & \begin{array} { c }
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline \$ 0 & 200 & 0 \
\$ 1 & 150 & 40 \
\$ 2 & 100 & 80 \
\$ 3 & 50 & 120 \
\$ 4 & 0 & 160
\end{array}$$ Refer to the table.In this market,the equilibrium price

Question

$$\begin{array} { c | c | c } 
\text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline \$ 0 & 200 & 0 \
\$ 1 & 150 & 40 \
\$ 2 & 100 & 80 \
\$ 3 & 50 & 120 \
\$ 4 & 0 & 160
\end{array}$$ Refer to the table.In this market,the equilibrium price

Quizplus · Accepted Answer

The equilibrium price is where the quantity demanded equals the quantity supplied. From the table, we see that at $2, 100 units are demanded and 80 supplied, and at $3, 50 units are demanded and 120 supplied. Therefore, the equilibrium price must be between $2 and $3, where the quantity demanded equals the quantity supplied.

Refer to the Table