Use the table to answer the question. Price Quantity Demanded $25 $30 $35 $40 $45 (units) 450 420 390 360 330 Quantity Supplied (units) 200 220 240 260 280
Use the table to answer the question. Price Quantity Demanded $25 $30 $35 $40 $45 (units) 450 420 390 360 330 Quantity Supplied (units) 200 220 240 260 280
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Can you help me question 18?

Transcribed Image Text:D
Question 18
Use the table to answer the question.
Price
Quantity
Demanded
$25
$30
$35
$40
$45
$50
$55
$60
O 240 units
What is the equilibrium quantity in this market?
O 100 units
O 300 units
(units)
450
420
390
360
330
300
270
240
O 330 units
Quantity
Supplied
(units)
200
220
240
260
280
300
320
340
Expert Solution

Step 1
Quantity demanded is negatively related to price.
Quantity supplied is positively related to price.
At equilibrium, the quantity demanded and quantity supplied are the same.
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