Refer to the table above for a certain product's market in Econland. If Econland were entirely closed to international trade, the equilibrium price and quantity would be:

Question

Quizplus · Accepted Answer

In a closed market, the equilibrium price and quantity is determined where the demand and supply curves intersect. From the table, at a price of $8, the quantity demanded and supplied are both 1,800 units which is the equilibrium. Therefore, the correct answer is B ($8 and 1,800 units).

Refer to the Table Above for a Certain Product's Market