This graph shows the market for Good $Y$.

Which of the following correctly identifies the equilibrium price and quantity of good $Y$ ?

Choose 1 answer:
(A) $P_{3}, Q_{A}$
(B) $P_{4}, Q_{B}$
(C) $P_{5}, Q_{C}$
(D) $P_{4}, Q_{C}$
(द)) Point $X$
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Question

This graph shows the market for Good $Y$.

Which of the following correctly identifies the equilibrium price and quantity of good $Y$ ?

Choose 1 answer:
(A) $P_{3}, Q_{A}$
(B) $P_{4}, Q_{B}$
(C) $P_{5}, Q_{C}$
(D) $P_{4}, Q_{C}$
(द)) Point $X$
Report a problem

Accepted Answer

∻Solution∻ ‖ a ⋮ Equilibrium Point: The equilibrium price and quantity occur where the supply and demand curves intersect. This point is labeled as $X$ on the graph. ‖ ‖ b ⋮ Identifying Equilibrium: At point $X$, the price and quantity are determined by the intersection of the supply curve $S$ and the demand curve $D$. ‖ ‖ c ⋮ Correct Answer: Since point $X$ represents the equilibrium, the correct answer is the option that identifies point $X$. ‖ ∻Answer∻ ⚹ (द)) Point $X$ ⚹ ∻Key Concept∻ ⚹ Equilibrium Price and Quantity ⚹ ∻Explanation∻ ⚹ The equilibrium price and quantity are found at the intersection of the supply and demand curves, which is labeled as point $X$ on the graph. ⚹◊What is the formula for calculating consumer surplus in this supply and demand scenario?⍭ Generate me a similar question◊

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