Figure 4-3

-Refer to the Figure 4-3.In this market,what are the equilibrium price and quantity

Name: Figure 4-3 -Refer to the Figure 4-3.In this market,what are the equilibrium price and quantity
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Question

Figure 4-3
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-Refer to the Figure 4-3.In this market,what are the equilibrium price and quantity

Quizplus · Accepted Answer

The equilibrium price is where the supply and demand curves intersect. In this case, it's at a price of $10. At that price, the quantity demanded is 50 and the quantity supplied is also 50. Therefore, the correct answer is C) $10 and 50.

Figure 4-3 ​

Figure 4-3