This Table Shows Individual Demand Schedules for a Market

question 22

Multiple Choice

This table shows individual demand schedules for a market. According to the table shown,what will the equilibrium price be in this market?

• A) $0.50
• B) $1.50
• C) $2.00
• D) Cannot be determined without more information.

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Definitions:

Short Run

A time period in economic analysis during which at least one input is fixed, affecting the operation of firms and markets.

Farms

Land and the buildings on it used for the cultivation of crops and rearing of animals to produce food, wool, and other products.

Price

The cost needed to buy a product or service, usually set by the interplay of supply and demand.

Quantity

The amount or number of a material or immaterial goods that is measured or counted.