Question

The graph above shows how the price of video games varies with the demand quantity. The equilibrium _____ is $50, and the equilibrium _____ is 200 video games.

A. price, quantity
B. quantity, price

Answer 1

The graph above shows how the price of video games varies with the demand quantity. The equilibrium price is $50, and the equilibrium quantity is 200 video games.

Answer choice:

A. price, quantity

Concept:

Equilibrium is the point where supply and demand meet and the prices are set. Because the price is set as equilibrium.
The quantity demanded is the amount of a product people are willing to buy at a certain price.