Figure 9-26
The diagram below illustrates the market for baseballs in the U.S.
-Refer to figure 9-26.Prior to opening the U.S.baseball market to trade,the equilibrium price of a baseball is

Question

​Figure 9-26
The diagram below illustrates the market for baseballs in the U.S. 
-Refer to figure 9-26.Prior to opening the U.S.baseball market to trade,the equilibrium price of a baseball is​

Quizplus · Accepted Answer

Prior to opening the U.S. baseball market to trade, the equilibrium price is determined by the intersection of the demand and supply curve, at a price of $10 and a quantity of 12 million baseballs. This is where the quantity demanded by buyers equals the quantity supplied by sellers. Therefore, the best choice is C) $10.

​Figure 9-26 the Diagram Below Illustrates the Market for Baseballs in the in the U.S

Figure 9-26 the Diagram Below Illustrates the Market for Baseballs in the in the U.S