Scenario: The table below lists the willingness to pay for ten potential buyers of a Walter Payton rookie card and the willingness to accept for ten potential sellers of the card. (Walter Payton was a running back for the NFL's Chicago Bears from 1985 to 1987 and was elected into the NFL's Hall of Fame in 1993.) The graph below the table can be used to display the demand and supply schedules.

-Refer to the scenario above.In the completed graph,what is the equilibrium price for Walter Payton rookie cards in this market? Explain your choice.
A) $120
B) $130
C) Either $140 or $150
D) $160

Question

Scenario: The table below lists the willingness to pay for ten potential buyers of a Walter Payton rookie card and the willingness to accept for ten potential sellers of the card. (Walter Payton was a running back for the NFL's Chicago Bears from 1985 to 1987 and was elected into the NFL's Hall of Fame in 1993.) The graph below the table can be used to display the demand and supply schedules.

-Refer to the scenario above.In the completed graph,what is the equilibrium price for Walter Payton rookie cards in this market? Explain your choice.

-Refer to the scenario above.In the completed graph,what is the equilibrium price for Walter Payton rookie cards in this market? Explain your choice.
A) $120 
B) $130 
C) Either $140 or $150 
D) $160

Quizplus · Accepted Answer

The equilibrium price is where the demand and supply curves intersect. In the graph, this occurs at a price of either $140 or $150 (depending on the exact positions of the points). Therefore, the correct answer is C, either $140 or $150.

Scenario: the Table Below Lists the Willingness to Pay for Ten