table: the market for salt and vinegar chips\nprice (per bag) quantity demanded (bags per month) quantity…

table: the market for salt and vinegar chips\nprice (per bag) quantity demanded (bags per month) quantity supplied (bags per month)\n$0.90 75 285\n$0.80 110 250\n$0.70 145 215\n$0.60 180 180\n$0.50 215 145\n$0.40 250 110\n$0.30 285 75\nthe equilibrium quantity and equilibrium price are, respectively, ____ bags per month and $____.\n145; 0.40\n180; 0.60\n180; 0.80\n215; 0.50

table: the market for salt and vinegar chips\nprice (per bag) quantity demanded (bags per month) quantity supplied (bags per month)\n$0.90 75 285\n$0.80 110 250\n$0.70 145 215\n$0.60 180 180\n$0.50 215 145\n$0.40 250 110\n$0.30 285 75\nthe equilibrium quantity and equilibrium price are, respectively, ____ bags per month and $____.\n145; 0.40\n180; 0.60\n180; 0.80\n215; 0.50

Answer

Explanation:

Step1: Recall equilibrium concept

In a market, equilibrium occurs when quantity demanded equals quantity supplied.

Step2: Check table values

Looking at the table, when the price is $0.60 per bag, the quantity demanded (180 bags per month) equals the quantity supplied (180 bags per month).

Answer:

B. 180; 0.60