Hello there! Can I get some with this Economics homework? Thanks! Please show your work and add details.
1 answer:
Answer:
see below
Step-by-step explanation:
Equilibrium quantity means the quantity supplied at a given price is equal to the quantity demanded at that price. To find it, look for the line in the table where quantities are equal. That line tells you the equilibrium price as well as quantity.
- quantity: 150
- price: $32
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On a graph, it is the point where supply and demand curves intersect (quantities are the same at the corresponding price).
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