prices and quantities in market equilibrium\nprice quantity supplied quantity demanded\n$10 1,000 2,500\n$20…

prices and quantities in market equilibrium\nprice quantity supplied quantity demanded\n$10 1,000 2,500\n$20 2,000 2,000\n$30 3,000 1,500\n$40 4,000 1,000\nwhat is the equilibrium price for this market?\n(1 point)\n$30\n$10\n$40\n$20

prices and quantities in market equilibrium\nprice quantity supplied quantity demanded\n$10 1,000 2,500\n$20 2,000 2,000\n$30 3,000 1,500\n$40 4,000 1,000\nwhat is the equilibrium price for this market?\n(1 point)\n$30\n$10\n$40\n$20

Answer

Explanation:

Step1: Recall equilibrium concept

Equilibrium occurs when quantity supplied equals quantity demanded.

Step2: Check table values

In the table, at a price of $20, quantity supplied (2,000) equals quantity demanded (2,000).

Answer:

D. $20