Refer to Figure 9-8. With no trade allowed, what are the equilibrium price and equilibrium quantity in this market?

Equilibrium Price

The cost at which the volume of goods available equals the volume sought by consumers.

Equilibrium Quantity

The amount of products or services available and sought after at the balance price.

Grasp the essential ideas behind the supply and demand within a nation's borders, excluding international trading activities.
Determine market equilibrium prices and quantities with and without international trade.

Verified Answer

Final Answer :

The equilibrium price is $30 and the equilibrium quantity is 400 units.

Learning Objectives

Grasp the essential ideas behind the supply and demand within a nation's borders, excluding international trading activities.
Determine market equilibrium prices and quantities with and without international trade.