Asked by arielis reyes on Jun 11, 2024

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(Table: Competitive Market for Good Z) Use Table: Competitive Market for Good Z.The equilibrium price and quantity in this market are,respectively:

A) $5 and 40 units.
B) $20 and 60 units.
C) $10 and 30 units.
D) $10 and 60 units.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market stability.

Equilibrium Quantity

The amount of products or services that are offered and sought after at the balanced market price.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single entity has the power to significantly influence market prices.

  • Become familiar with the concept of supply and demand and how variations in these plots influence the equilibrium of the market.
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WG
Wendy GrissomJun 16, 2024
Final Answer :
C
Explanation :
At the equilibrium point, the quantity demanded by consumers is equal to the quantity supplied by producers. In this table, the equilibrium quantity is 30 units, and the corresponding price is $10. Therefore, the best choice is C.