## Supply and Demand Equilibrium### Understanding Market EquilibriumUse the table below to answer the following question regarding market conditions:| Price | Quantity Demanded (units) | Quantity Supplied (units) ||-------|---------------------------|---------------------------|| $3 | 250 | 40 || $5 | 220 | 80 || $7 | 190 | 120 || $9 | 160 | 160 || $11 | 130 | 200 || $13 | 100 | 240 || $15 | 70 | 280 |### Question:What is the equilibrium price in this market?- $3- $5- $7- $9- $11- $13- $15**Explanation:** The equilibrium price is the price at which the quantity demanded by consumers equals the quantity supplied by producers. According to the table, the equilibrium price occurs at $9, where both the quantity demanded and the quantity supplied are equal at 160 units. This information is crucial for understanding how market forces of supply and demand interact to determine the price at which goods are traded. The equilibrium ensures optimal allocation and distribution of resources in the market.

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What is the equilibrium price in this market? $9 $3 O $11 O$7

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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