Refer to the above table.If demand is represented by columns (3)and (2)and supply is represented by columns (3)and (5),equilibrium price and quantity will be:

Question

Quizplus · Accepted Answer

Equilibrium occurs where demand equals supply. At a price of $8, the quantity demanded is 60 units and the quantity supplied is also 60 units. Therefore, the equilibrium price and quantity are $8 and 60 units, respectively.

Refer to the Above Table