Exhibit 4-11 Data on supply and demand $$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Bushels demanded } \
\text { per month }
\end{array} & \begin{array} { c }
\text { Price per } \
\text { bushel }
\end{array} & \begin{array} { c }
\text { Bushels supplied } \
\text { per month }
\end{array} \
\hline 45 & \$ 5 & 77 \
50 & 4 & 73 \
56 & 3 & 68 \
61 & 2 & 61 \
67 & 1 & 57 \
\hline
\end{array}$$ In Exhibit 4-11, the equilibrium price per bushel of wheat is:
A) $1.
B) $2.
C) $3.
D) $4.

Question

Exhibit 4-11 Data on supply and demand $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Bushels demanded } \
\text { per month }
\end{array} & \begin{array} { c } 
\text { Price per } \
\text { bushel }
\end{array} & \begin{array} { c } 
\text { Bushels supplied } \
\text { per month }
\end{array} \
\hline 45 & \$ 5 & 77 \
50 & 4 & 73 \
56 & 3 & 68 \
61 & 2 & 61 \
67 & 1 & 57 \
\hline
\end{array}$$ In Exhibit 4-11, the equilibrium price per bushel of wheat is:
A) $1.
B) $2.
C) $3.
D) $4.

Quizplus · Accepted Answer

The equilibrium price is where the quantity demanded equals the quantity supplied. From the table, this occurs at $2 per bushel, where both the quantity demanded and supplied are 61 bushels.

Exhibit 4-11 Data on Supply and Demand In Exhibit 4-11, the Equilibrium Price Per Bushel of Wheat