Question

Consider the following demand and supply schedules for coffee. Price per cup Quantity demanded (cups) Quantity supplied (cups) $9 2 10 $7 4 8 $5 6 6 $3 8 4 $1 10 2 What is the price when the market is in equilibrium?

Answer 1

$5

Step-by-step explanation:

Equilibrium is when the quantity demanded equals the quantity supplied.

At $5, quantity demanded = quantity supplied = 6

At the other prices, quantity demanded isn't equal to quantity supplied.

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