Answer:
I think option D is correct
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~Silver
Answer: Demand curve and demand schedule
Explanation:
The demand curve is a representation in graph that depicts the relationship that exist between the price of a commodity and its quantity demanded over period of time. Price is on the left vertical axis and the quantity demanded for the good is on the horizontal axis.
The demand curve is downward sloping from left to the right thereby explaining the law of demand that states that price and quantity demanded are inversely related i.e when the price of a good increases, the quantity demanded decreases and vice versa.
A demand schedule is a table that depicts the quantity demanded of commodities or service at different prices over a time period. The demand schedule is usually made up of two columns with the first column listing the price of a commodity and the second column listing the quantity demanded of the product.
Answer:
Equilibrium price is $8
Equilibrium quantity is 21
Explanation:
Equilibrium occurs where quantity demanded equals the quantity supplied. At equilibrium, both buyers and sellers are satisfied and there's no incentive to change the price and quantity demanded.
Equilibrium price is the price where equilibrium occurs. In this question, it is $8.
Equilibrium quantity is the Quanitity where equilibrium occurs. In this question, it is 21.
Graphically, equilibrium is found where the demand curve intersects the supply curve.
Please check the attached image for a graphical representation of Equilibrium.
I hope my answer helps you
