Refer to Figure 17-9. Without trade, the equilibrium price of carnations is

A) $8 and the equilibrium quantity is 300.
B) $6 and the equilibrium quantity is 200.
C) $6 and the equilibrium quantity is 400.
D) $4 and the equilibrium quantity is 500.

Equilibrium Price

Equilibrium Price is the market price at which the quantity of goods supplied equals the quantity of goods demanded.

Equilibrium Quantity

The quantity of goods or services sold where the supply and demand curves intersect, indicating a balance between supply and demand.

Trade

The exchange of goods or services between individuals, firms, or countries.