Table 4-9
the Following Table Shows the Supply and Demand

question 174

Short Answer

Table 4-9
The following table shows the supply and demand schedules in a market.
$$\begin{array} { | l | l | l | } \hline \text { Price (\$) } & \begin{array} { l } \text { Quantity } \\\text { Demanded } \\\text { (units) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Supplied } \\\text { (units) }\end{array} \\\hline 0 & 50 & 0 \\\hline 2 & 40 & 15 \\\hline 4 & 30 & 30 \\\hline 6 & 20 & 45 \\\hline 8 & 10 & 60 \\\hline 10 & 0 & 75 \\\hline\end{array}$$
-Refer to Table 4-9. What is the equilibrium quantity in this market?

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Definitions:

Real Wage

The purchasing power of wages, adjusted for inflation, indicating the quantity of goods and services that can be bought.

Purchasing Power

The ability of an individual or entity to buy goods and services, essentially reflecting the amount of goods or services that one unit of currency can buy.

Nominal Wage

The wage measured in dollars of the year in question; the dollar amount on a paycheck.

Disposable Income

The sum of money households can use for expenditure and savings once income taxes are deducted.