Use the following table for a certain product’s market in Marketopia to answer the next question....
Use the following table for a certain product’s market in Marketopia to answer the next question.
| Quantity Demanded Domestically | Price | Quantity Supplied Domestically |
| 1,400 | $10 | 2,200 |
| 1,600 | 9 | 2,000 |
| 1,800 | 8 | 1,800 |
| 2,000 | 7 | 1,600 |
| 2,200 | 6 | 1,400 |
| 2,400 | 5 | 1,200 |
If Marketopia is entirely closed to international trade, the equilibrium price and quantity would be
Multiple Choice
$9 and 2,000 units.
$8 and 1,800 units.
$7 and 2,000 units.
$6 and 1,400 units.
Homework Answers
Ans) the correct option is $8 and 1,800 units.
At equilibrium, quantity demanded = quantity supplied
From the table, when price = $8, quantity demanded = quantity supplied = 1,800
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