Asked by Lawrence Woods on Jun 07, 2024
Verified
Equilibrium price is
A) $10
B) $8
C) $6
D) $4
E) $2
Equilibrium Price
The cost at which the supply and demand for goods are equal.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period.
Quantity Supplied
The quantity of a service or good that is available for sale by producers who are ready and able to sell at a particular price, over an agreed period.
- Identify the balance price within a specific market context.
Verified Answer
JM
Jouliet MoralesJun 09, 2024
Final Answer :
C
Explanation :
The equilibrium price is the price at which the quantity demanded equals the quantity supplied. From the table, at a price of $6, the quantity demanded (50) equals the quantity supplied (50), indicating an equilibrium.
Learning Objectives
- Identify the balance price within a specific market context.