Answer 35
Equilibrium in the market occurs quantity demand = quantity supplied. We can see from above table that quantity demand = quantity supplied = 8 when price = 0.75. Thus, Equilibrium quantity = 8 units and equilibrium Price or Market price = $0.75.
Now price ceiling is set at $1.25. This means that price can not go above $1.25 but can be below $0.75 and thus price ceiling is not binding. As price can be below price ceiling price(i.e. $1,25), thus equilibrium price is attainable and thus equilibrium price will prevail in the market and number of quantities bought and Sold = Equilibrium quantity(i.e. quantity demand = quantity supplied) = 8 units.
Thus, Amount of Sodas sold = 8
Hence, the correct answer is (b) 8
QUESTION 35 Table: The Market for Soda Market for a Can of Soda Price Quantity Demanded...
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