The demand and supply curves for a certain product are given in terms of price, p, by and . What is the equilibrium price?
A)$7
B)$2
C)$28
D)$200

Name: The demand and supply curves for a certain product are given in terms of price, p, by and . What is the equilibrium price? A)$7 B)$2 C)$28 D)$200
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Question

The demand and supply curves for a certain product are given in terms of price, p, by  and  . What is the equilibrium price?
A)$7 
B)$2 
C)$28 
D)$200

Quizplus · Accepted Answer

The equilibrium price is where the demand and supply curves intersect. This occurs at a price of $28, as shown in the graph below:
[image: demand-supply graph with equilibrium at $28]

The Demand and Supply Curves for a Certain Product Are