Figure 9-6
The figure illustrates the market for roses in a country.
-Refer to Figure 9-6.Without trade,the equilibrium price of roses is

Question

Figure 9-6
The figure illustrates the market for roses in a country. 
-Refer to Figure 9-6.Without trade,the equilibrium price of roses is

Quizplus · Accepted Answer

Without trade, the equilibrium price and quantity are determined by the domestic supply and demand curves. The equilibrium price is the price at which the quantity supplied equals the quantity demanded. In Figure 9-6, the equilibrium price is $4 and the equilibrium quantity is 300.

Figure 9-6 The Figure Illustrates the Market for Roses in a Country