Refer to the above diagram. The equilibrium price and quantity in this market will be:
Understand the Problem
The question is asking to determine the equilibrium price and quantity based on the given supply and demand diagram.
Answer
$1.00 and 200
The equilibrium price is $1.00 and the equilibrium quantity is 200.
Answer for screen readers
The equilibrium price is $1.00 and the equilibrium quantity is 200.
More Information
The equilibrium point is where the supply and demand curves intersect, indicating the market-clearing price and quantity.
Tips
A common mistake is to confuse the axes or read the wrong intersection point.
Sources
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