Use the following to answer question:
-(Table: Competitive Market for Good Z)Use Table: Competitive Market for Good Z.The equilibrium price and quantity in this market are,respectively:
A)$5 and 40 units.
B)$20 and 60 units.
C)$10 and 30 units.
D)$10 and 60 units.

Question

Use the following to answer question: 
-(Table: Competitive Market for Good Z)Use Table: Competitive Market for Good Z.The equilibrium price and quantity in this market are,respectively:
A)$5 and 40 units. 
B)$20 and 60 units. 
C)$10 and 30 units. 
D)$10 and 60 units.

Quizplus · Accepted Answer

At the equilibrium point, the quantity demanded by consumers is equal to the quantity supplied by producers. In this table, the equilibrium quantity is 30 units, and the corresponding price is $10. Therefore, the best choice is C.

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