Question

In the supply-and-demand schedule shown above, the equilibrium price for portable music players is _____.

Answer 1

$150 because the supply number is equivalent to the demand number

Answer 2

Answer:

$150

Explanation:

Equilibrium price occurs at the point when the supply and demand of the product equals.

For example: Quantity of pens demanded in the market is 250, and Quantity supplied in the market is 250 as well.

With the same logic we can conclude that: At $150 the demand and supply of music players equals hence, it is the equilibrium price.