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

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Definitions:

Line Chart

A graphical representation of data where individual data points connected by straight lines show trends or changes over time.

Scatter Diagram

A graphical representation that uses Cartesian coordinates to display values for two variables for a set of data, showing the relationship between them.

Discrete Data

Data that can only take specific values within a given range, often representing countable items or categories.

Continuous Data

Data that can take any value within a given range or interval and can be measured with arbitrary precision.

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