2. Below is the marginal willingness to pay of a consumer for organic apples. Consumption Level (apples per week, Ibs.) Marginal Willingness to Pay 5.00 1 4.00 3.20 3 2.60 4 2.20 1.80 1.50

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.