Multiple Choice
The following figure illustrates the demand and supply of decorative light bulbs in a perfectly competitive market.
-Refer to the figure above.What is the equilibrium price and quantity of the light bulbs?
A) Equilibrium price = $25, equilibrium quantity = 0 units
B) Equilibrium price = $25, equilibrium quantity = 15 units
C) Equilibrium price = $15, equilibrium quantity = 15 units
D) Equilibrium price = $5, equilibrium quantity = 15 units
Correct Answer:
Verified
Correct Answer:
Verified
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