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Use the Following to Answer Questions

Question 218

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Use the following to answer questions:
Figure: Basic Supply and Demand Use the following to answer questions: Figure: Basic Supply and Demand -(Figure: Basic Supply and Demand) In the diagram, which of the following statements is TRUE? A) The equilibrium price is $3, and the equilibrium quantity is 60 units. B) The equilibrium price is $4, and the equilibrium quantity is 60 units. C) The equilibrium price is $2, and the equilibrium quantity is 40 units. D) The equilibrium price is $3, and the equilibrium quantity is 50 units.
-(Figure: Basic Supply and Demand) In the diagram, which of the following statements is TRUE?


A) The equilibrium price is $3, and the equilibrium quantity is 60 units.
B) The equilibrium price is $4, and the equilibrium quantity is 60 units.
C) The equilibrium price is $2, and the equilibrium quantity is 40 units.
D) The equilibrium price is $3, and the equilibrium quantity is 50 units.

Correct Answer:

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