Answer the question based on the given supply and demand data for wheat. Bushels Demanded Per Month Price Per Bushel Bushels Sup

Question

3 years ago

9

plied Per Month 45 $5 45 50 4 42 56 3 39 61 2 36 67 1 33 Equilibrium price in this market is Multiple Choice $5. $2. $4. $3

1 answer:

Leto [7] · Answer 1 · 2023-01-29T01:51:06+03:00

The equilibrium price in a market is the price where the quantity demanded of the products are equal

The equilibrium price in the market is $2

<h3>How to determine the equilibrium price </h3>

From the given supply and demand data for wheat:

When the price is $2, the quantity demanded and the quantity supplied for wheat is 61

This means that the equilibrium price $2

Hence, the equilibrium price in the market is $2

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