Table 4-10
The following table shows the number of cases of water each seller is willing to sell at the prices listed.
-Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market and the market demand schedule is: the equilibrium price and quantity are
A)$0.00 and 1200 cases
B)$3.00 and 300 cases
C)$6.00 and 600 cases
D)$9.00 and 600 cases

Question

Table 4-10
The following table shows the number of cases of water each seller is willing to sell at the prices listed. 
-Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market and the market demand schedule is:  the equilibrium price and quantity are
A)$0.00 and 1200 cases 
B)$3.00 and 300 cases 
C)$6.00 and 600 cases 
D)$9.00 and 600 cases

Quizplus · Accepted Answer

At a price of $6.00, Supplier 1 is willing to sell 300 cases, Supplier 2 is willing to sell 150 cases, Supplier 3 is willing to sell 150 cases, and Supplier 4 is willing to sell 100 cases. This adds up to a total of 600 cases, which is also the quantity demanded at that price. Therefore, $6.00 and 600 cases is the equilibrium price and quantity.

Table 4-10 The Following Table Shows the Number of Cases of Water