The figure below shows the demand (D) and supply (S) curves of corn syrups.Figure 21.3

-In Figure 21.3, what are the equilibrium price and quantity in the absence of trade?

Question

The figure below shows the demand (D) and supply (S) curves of corn syrups.Figure 21.3
 
-In Figure 21.3, what are the equilibrium price and quantity in the absence of trade?

Quizplus · Accepted Answer

The equilibrium price and quantity in the absence of trade are determined by the intersection of the domestic supply and demand curves, which is given as $12 and 35 gallons.

The Figure Below Shows the Demand (D) and Supply (S)