Based on the quantity demanded and the quantity supplied, the equilibrium price is $4.00 per bushel.
What is the Equilibrium Price ?
- This is the price at which quantity demanded and quantity supplied are equal.
- Price where there is no shortage or surplus.
From the table, this price is shown to be $4.00 because the quantity demanded and the quantity supplied are both 75 thousand.
In conclusion, the equilibrium price is $4.00.
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