a stores supply/demand graph for mp3 players is shown above. if the price is at the equilibrium point, how…

a stores supply/demand graph for mp3 players is shown above. if the price is at the equilibrium point, how much money will the store make by selling mp3 players?\na. $1,275\nb. $1,600\nc. $3,150\nd. $3,300

a stores supply/demand graph for mp3 players is shown above. if the price is at the equilibrium point, how much money will the store make by selling mp3 players?\na. $1,275\nb. $1,600\nc. $3,150\nd. $3,300

Answer

Explanation:

Step1: Locate equilibrium point

The equilibrium point is where the supply and demand curves intersect. From the graph, it appears to be at a quantity of 40 and a price of 40.

Step2: Calculate revenue

Revenue = Price × Quantity. So, Revenue = 40×40 = 1600.

Answer:

b. $1,600