The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000     litres (per Month) litres (per month)   11 0 27   10 2 25   9 4 23   8 6 20   7 8 17   6 10 15   5 12 12   4 14 10   3 16 7   2 18 5   1 20 3   Construct the demand and supply curves for gasoline to show the market equilibrium for gasoline.

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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.