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The question requires us to determine the
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Explanation of Solution
The equilibrium is the economic situation where the market is clear, and any deviation from the equilibrium point will lead to a worse-off situation for the producers and consumers. Generally, the market achieves the equilibrium state at the intersection point of the market demand curve and supply curve.
At the equilibrium
In the given graph, point E represents the equilibrium point for the corn in the
Equilibrium price = $3 per bushel
Equilibrium quantity = 1000 units.
Thus, Option “c” is correct.
Chapter 2R Solutions
Krugman's Economics For The Ap® Course
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
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