Question

Which statement best describes the current price for the good shown in this graph of supply and demand schedules?

A. The current price should be raised to reflect lower supply.

B. The current price reflects the point where supply and demand are balanced.

C. The current price should be lowered to reflect higher supply.

D. The current price should be lowered to reflect lower demand.​

Answer 1

The statement that best describes the current price for the good shown in this graph of supply and demand schedules is the current price reflects the point where supply and demand are balanced.

Why is supply equal to demand?

The graph showed the quantity of goods supplied at  given price. At the current price of $7.5 there was a balanced between the goods demanded and supply which means the quantity of goods demanded is at equilibrium with the supply and there are no shortage in the business.

Therefore, The statement that best describes the current price for the good shown in this graph of supply and demand schedules is the current price reflects the point where supply and demand are balanced.

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