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Figure: The Market for Candy
-(Figure: The Market for Candy) Look at the figure The Market for Candy. Equilibrium occurs at a price of _____, and the equilibrium quantity is equal to _____.

Question

Use the following to answer questions :
Figure: The Market for Candy

-(Figure: The Market for Candy) Look at the figure The Market for Candy. Equilibrium occurs at a price of _____, and the equilibrium quantity is equal to _____.

Quizplus · Accepted Answer

Equilibrium occurs where the supply and demand curves intersect. In this figure, that point is where P₂ and Q₃ meet. Therefore, the equilibrium price is $12 and the equilibrium quantity is 13 units.

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