Question

Use the table to answer the question.

Prices and Quantities in Market Equilibrium
Price Quantity Supplied Quantity Demanded
$10 1,000 2,500
$20 2,000 2,000
$30 3,000 1,500
$40 4,000 1,000
what is the equilibrium price for this market?

(1 point)

$40


$10


$20


$30

Answer 1

$20

At $20 the quantity supplied and demanded are both 2,000, so the market is in equilibrium.