The following graph shows the demand and supply curves of a resource. The equilibrium price of the resource is _____. Figure 11.3

A)$16
B)$12
C)$10
D)less than $10
E)more than $12 but less than $16

Question

​The following graph shows the demand and supply curves of a resource. The equilibrium price of the resource is _____. Figure 11.3

A)$16 
B)$12 
C)$10 
D)less than $10 
E)more than $12 but less than $16

Quizplus · Accepted Answer

The equilibrium price is the price at which demand and supply are equal. In this graph, the two curves intersect at a price of $10, which means that at this price the quantity demanded is equal to the quantity supplied. Thus, the correct answer is C) $10.

​The Following Graph Shows the Demand and Supply Curves of a Resource

The Following Graph Shows the Demand and Supply Curves of a Resource