The following data is for the hypothetical nations of Alpha and Beta.Q s is domestic quantity supplied and Q d is domestic quantity demanded.

-Refer to the above data.The equilibrium prices of steel in Alpha and Beta are:

Question

The following data is for the hypothetical nations of Alpha and Beta.Q s is domestic quantity supplied and Q d is domestic quantity demanded.
 
-Refer to the above data.The equilibrium prices of steel in Alpha and Beta are:

Quizplus · Accepted Answer

The equilibrium price is the price at which the quantity supplied equals the quantity demanded. In this case, the equilibrium price in Alpha is $3, because at that price, the quantity supplied (2) equals the quantity demanded (2). The equilibrium price in Beta is $2, because at that price, the quantity supplied (3) equals the quantity demanded (3).

The Following Data Is for the Hypothetical Nations of Alpha