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q*, p* q2, p2 q1, p1 None of the above |
q*, p* |
The correct answer is option 1: q*, p* A market is said to be in equilibrium when market demand is equal to market supply. The quantity and price corresponding the intersection of these curves are called as equilibrium price and quantity. In the above graph, equilibrium price and quantity is p* and q*.
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Which of the following will be the equilibrium quantity and price?