The equilibrium price is aboutA) $13.50.B) $13.80.C) $14.00.D) $14.20.E) $14.50.

Question

jeremie howard · Accepted Answer

Final Answer : B, Explanation :  The equilibrium price is the price at which quantity demanded equals quantity supplied. From the table, we can see that as the price decreases from $15 to $13, the quantity demanded increases from 11 to 20, and the quantity supplied decreases from 18 to 11. The equilibrium price is thus between $14 and $13, where the quantities demanded and supplied are moving towards each other. Since there's no exact match in the table, we estimate the equilibrium price to be around $13.80, which is between the given prices and closer to where the quantities demanded and supplied would equal.

The equilibrium price is about

A) $13.50.
B) $13.80.
C) $14.00.
D) $14.20.
E) $14.50.

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