Question

In the supply-and-demand schedule shown above, at the equilibrium price, quantity supplied is _____ and quantity demanded is _____.

50, 350
200, 200
450, 75

Answer 1

200,200... equilibrium means the same

Answer 2

200, 200.

Explanation:

The equilibrium point of this schedule about supply and demand is when both of them are the same, that is, the number of products demanded are the same number of products supplied. This equilibrium points indicate efficiency, because the demand is being covered.

So, this equilibrium point is with 200 of quantity supplied and 200 of quantity demanded, at equilibrium price of $150.

Therefore, the answer is 200, 200.