at which of the following quantities is the maximum buying price equal to the minimum selling price?\no 6\no…
at which of the following quantities is the maximum buying price equal to the minimum selling price?\no 6\no 7\no 8\no 10
Answer
Explanation:
Step1: Recall equilibrium concept
At equilibrium, maximum buying - price equals minimum selling - price.
Step2: Locate equilibrium on graph
The equilibrium is the intersection point of the supply and demand curves. From the graph, the intersection occurs at quantity = 10.
Answer:
10