Asked by Morgan Jones on Jul 03, 2024
Verified
Refer to Table 4-6. The equilibrium price and quantity, respectively, are
A) $6 and 45 units.
B) $9 and 30 units.
C) $9 and 40 units.
D) $12 and 30 units.
Equilibrium Price
The price at which the quantity of goods supplied equals the quantity of goods demanded in a market, resulting in no surplus or shortage.
Equilibrium Quantity
The level of goods or services on offer and needed at the market's equilibrium price.
- Comprehend the notion of equilibrium price and quantity within a marketplace.
- Analyze market data presented in tables and figures to pinpoint equilibrium points.
Verified Answer
DA
Dakota ApplewhiteJul 08, 2024
Final Answer :
B
Explanation :
The equilibrium price and quantity are determined where the quantity demanded equals the quantity supplied, which is at $9 and 30 units, respectively.
Learning Objectives
- Comprehend the notion of equilibrium price and quantity within a marketplace.
- Analyze market data presented in tables and figures to pinpoint equilibrium points.