Use the figure below to answer the following question(s).
Figure 3-9
-In Figure 3-9, if D and S represent the demand and supply for gasoline, what is the equilibrium price and quantity?
A) price, $1; quantity, 20
B) price, $2; quantity, 30
C) price, $3; quantity, 40
D) price, $4; quantity, 50

Question

Use the figure below to answer the following question(s).
Figure 3-9 
-In Figure 3-9, if D and S represent the demand and supply for gasoline, what is the equilibrium price and quantity?
A) price, $1; quantity, 20 
B) price, $2; quantity, 30 
C) price, $3; quantity, 40 
D) price, $4; quantity, 50

Quizplus · Accepted Answer

The equilibrium price and quantity are the point where the demand and supply curves intersect. In this case, the equilibrium price is $2 and the equilibrium quantity is 30.

Use the Figure Below to Answer the Following Question(s)