the supply/demand graph for bicycle helmets in a certain market is shown above. find the price when supply…
the supply/demand graph for bicycle helmets in a certain market is shown above. find the price when supply and demand are in equilibrium.\na. $30\nb. $40\nc. $70\nd. $80
Answer
Explanation:
Step1: Locate equilibrium point
The equilibrium point is where the supply and demand curves intersect on the graph.
Step2: Read price at equilibrium
From the graph, at the intersection point, the corresponding price on the vertical - axis is $70.
Answer:
c. $70