Questions: Refer to Figure 4-10. If price is 25, then quantity demanded and quantity supplied, respectively, are 500 and 500. 500 and 800. 800 and 500. 600 and 600. 800 and 600.

Refer to Figure 4-10. If price is 25, then quantity demanded and quantity supplied, respectively, are 500 and 500. 500 and 800. 800 and 500. 600 and 600. 800 and 600.

Transcript text: Figure 4-10 Refer to Figure 4-10. If price is $\$ 25$, then quantity demanded and quantity supplied, respectively, are 500 and 500. 500 and 800 . 800 and 500. 600 and 600. 800 and 600.

Solution

Solution Steps

Step 1: Identify the Price Level

The problem states that the price is $25.

Step 2: Locate the Price on the Graph

Find the price level of $25 on the vertical axis (price axis) of the graph.

Step 3: Determine Quantity Demanded and Quantity Supplied

Draw a horizontal line from the $25 price level to intersect the demand curve (D) and the supply curve (S).
The intersection with the demand curve (D) gives the quantity demanded.
The intersection with the supply curve (S) gives the quantity supplied.