Questions: Use the supply and demand curves in the graph on the right to find the equilibrium quantity. The equilibrium quantity is units. (Type a whole number.)

Use the supply and demand curves in the graph on the right to find the equilibrium quantity.

The equilibrium quantity is units.
(Type a whole number.)

Transcript text: Use the supply and demand curves in the graph on the right to find the equilibrium quantity. The equilibrium quantity is $\square$ units. (Type a whole number.)

Solution

Solution Steps

Step 1: Identify the Intersection Point

To find the equilibrium quantity, we need to identify the point where the supply and demand curves intersect on the graph. This intersection represents the equilibrium point where the quantity supplied equals the quantity demanded.

Step 2: Read the Equilibrium Quantity from the Graph

Locate the intersection point on the graph and read the corresponding quantity value on the horizontal axis (Quantity axis).

Step 3: Verify the Equilibrium Quantity

Double-check the intersection point to ensure the correct quantity value is identified.