Select the correct answer. The supply and demand curves for a product line of bicycles are shown. Approximately where is the equ
1 answer:
Answer:
B. (132,220)
Step-by-step explanation:
The equilibrium point is the point where the quantity demanded is equal to the quantity supplied.
The equilibrium point (equilibrium price and equilibrium quantity) occur at the point where the supply and demand curves cross each other.
From the graph, we can see that the supply and demand curve cross each other at point. The equilibrium point is this point and it is gotten by tracing to the vertical and horizontal axis.
The equilibrium point is at (132, 220).
Hence the equilibrium price = $132 and equilibrium quantity = 220
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