Refer to the table below for the following question.
Table 3.4.2

-Refer to Table 3.4.2.The table shows the demand and supply schedules for shampoo.Choose the correct statement.
A)The equilibrium price is $8 a bottle.
B)The equilibrium price is an unknown amount between $6 and $10 a bottle.
C)The equilibrium quantity is 100 bottles a week.
D)The equilibrium quantity is 140 bottles a week.
E)There is no equilibrium in this market.

Question

Refer to the table below for the following question.
Table 3.4.2
 
-Refer to Table 3.4.2.The table shows the demand and supply schedules for shampoo.Choose the correct statement.
A)The equilibrium price is $8 a bottle. 
B)The equilibrium price is an unknown amount between $6 and $10 a bottle. 
C)The equilibrium quantity is 100 bottles a week. 
D)The equilibrium quantity is 140 bottles a week. 
E)There is no equilibrium in this market.

Quizplus · Accepted Answer

The equilibrium price is $8 a bottle because at that price, the quantity demanded equals the quantity supplied.

Refer to the Table Below for the Following Question