Remaining Time: 47 minutes, 24 seconds. s Question Completion Status: QUESTION 2

Question

Remaining Time: 47 minutes, 24 seconds. s Question Completion Status: QUESTION 27 The exhibit below shows demand and supply schedules of the toaster ovens made by ToasterOvensinc. If the firm sells only in response to the market price, it supplies the quantity shown in the third column of the table below. The equilibrium price of the toaster is Exhibit 15-2 Demanded Supplied O a. 18 b. 20 Oc. 17 d.15 QUESTION 28 Click Save and Submit to save and submit. Click Save All Answers to save all answers

Explanation / Answer

In the market for toasters, the equilibrium is attained at a point where Demand = Supply

Thus, equilibrium quantity = 620 units and the corresponding equilibrium price = 18

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