Question

According to this graph, approximately ___ would be supplied and demanded at the equilibrium price of __.
A) 2; $2.00
B) 5; $4.60
C) 18; $3.50
D) 47; $0.60​

Answer 1

According to the graph in question, the equilibrium price is $3.50 and the equilibrium quantity is 18 widgets.

The Equilibrium point is:

• The point where the supply curve intercepts the demand curve
• The prize at which suppliers are willing to sell their goods and consumers are willing to buy those goods

From the graph, we are shown that the point where the Supply and Demand curves intercept, gives a price of $18. This is therefore the equilibrium prize.

At that same point, the number of widgets are 18.This is therefore the equilibrium quantity.

In conclusion, the equilibrium price and quantity in that order are $3.50 and 18 widgets.

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