Exhibit 3-8 Demand and Supply Data for Video Games $$\begin{array} { | c | c | c | }
\hline \text { Price } & \begin{array} { c }
\text { Quantity Demanded } \
\text { of Video Games }
\end{array} & \begin{array} { c }
\text { Quantity Supplied } \
\text { of Video Games }
\end{array} \
\hline \$ 75 & 400 & 900 \
70 & 450 & 850 \
65 & 500 & 800 \
60 & 550 & 750 \
55 & 600 & 700 \
50 & 650 & 650 \
45 & 700 & 600 \
40 & 750 & 550 \
\hline
\end{array}$$ In Exhibit 3-8, the equilibrium market price in this video game market would be:

Question

Exhibit 3-8  Demand and Supply Data for Video Games $$\begin{array} { | c | c | c | } 
\hline \text { Price } & \begin{array} { c } 
\text { Quantity Demanded } \
\text { of Video Games }
\end{array} & \begin{array} { c } 
\text { Quantity Supplied } \
\text { of Video Games }
\end{array} \
\hline \$ 75 & 400 & 900 \
70 & 450 & 850 \
65 & 500 & 800 \
60 & 550 & 750 \
55 & 600 & 700 \
50 & 650 & 650 \
45 & 700 & 600 \
40 & 750 & 550 \
\hline
\end{array}$$ In Exhibit 3-8, the equilibrium market price in this video game market would be:

Quizplus · Accepted Answer

The equilibrium market price is where the quantity demanded equals the quantity supplied. According to the table, this occurs at a price of $50, where both the quantity demanded and supplied are 650 video games.

Exhibit 3-8 Demand and Supply Data for Video Games In Exhibit 3-8, the Equilibrium Market Price in This Video