The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4

-The output level that occurs in any market that is in equilibrium:
A)is the quantity where the supply curve intersects the y-axis.
B)is the quantity where the demand curve intersects the x-axis.
C)is the quantity at an output level where buyers will pay more than suppliers require.
D)is an output level where buyers will not pay as much as suppliers require.
E)is the quantity where the demand and supply curves intersect each other.

Question

The table given below reports the quantity demanded and supplied of a commodity in a market at different price levels.Table 3.4
 
-The output level that occurs in any market that is in equilibrium:
A)is the quantity where the supply curve intersects the y-axis. 
B)is the quantity where the demand curve intersects the x-axis. 
C)is the quantity at an output level where buyers will pay more than suppliers require. 
D)is an output level where buyers will not pay as much as suppliers require. 
E)is the quantity where the demand and supply curves intersect each other.

Quizplus · Accepted Answer

The equilibrium point is where the demand curve intersects the supply curve, which means that at that output level, the quantity demanded and supplied is equal and there are no market imbalances. Therefore, the correct answer is E, the quantity where the demand and supply curves intersect each other.

The Table Given Below Reports the Quantity Demanded and Supplied