Price Quantity Supplied Quantity Demanded

Question

$10
1,000 2,500
$20
2,000 2,000
$30
3,000 1,500
$40
4,000 1,000
The equilibrium price for this market is _____.

(1 point)
Responses

$40
40 dollars

$30
30 dollars

$10
10 dollars

$20
20 dollars
Skip to navigation

Answer 1

To find the equilibrium price in a market, we look for the price at which the quantity supplied equals the quantity demanded.

From the table provided:

• At $10: Quantity Supplied = 1,000, Quantity Demanded = 2,500
• At $20: Quantity Supplied = 2,000, Quantity Demanded = 2,000 (Equilibrium)
• At $30: Quantity Supplied = 3,000, Quantity Demanded = 1,500
• At $40: Quantity Supplied = 4,000, Quantity Demanded = 1,000

The equilibrium occurs at a price of $20, where quantity supplied equals quantity demanded (2,000 units).

Thus, the answer is:

$20.