Refer to the above diagram.If this is a competitive market,price and quantity will move toward:

Name: Refer to the above diagram.If this is a competitive market,price and quantity will move toward:
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Question

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In a competitive market, price and quantity will adjust to reach the equilibrium point where the supply and demand curves intersect. In this diagram, the intersection occurs at a price of $40 and a quantity of 150. Therefore, the correct answer is C.

Refer to the Above Diagram