Price Quantity Supplied Quantity Demanded
$10 1,000 2,500
$20 2,000 2,000
$30 3,000 1,500
$40 4,000 1,000
The equilibrium price for this market is _____.
(1 point)
Responses
$20
20 dollars
$10
10 dollars
$40
40 dollars
$30
$30
To find the equilibrium price, we need to determine the price at which the quantity supplied equals the quantity demanded. From the given table, we can see that at a price of $20, the quantity supplied is 2,000 and the quantity demanded is also 2,000. This indicates that at $20, the supply and demand are in balance, making it the equilibrium price for this market.
So, the correct answer is $20.