Use the Following to Answer Questions

question 218

Multiple Choice

Use the following to answer questions:
Figure: Basic Supply and Demand
-(Figure: Basic Supply and Demand) In the diagram, which of the following statements is TRUE?

• A) The equilibrium price is $3, and the equilibrium quantity is 60 units.
• B) The equilibrium price is $4, and the equilibrium quantity is 60 units.
• C) The equilibrium price is $2, and the equilibrium quantity is 40 units.
• D) The equilibrium price is $3, and the equilibrium quantity is 50 units.

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