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Consumer & Producer Surplus · Question 31 of 70

What is the market's equilibrium price for a crate of tomatoes?

Question 31

EasyOriginal question

In a weekly vegetable market, the demand for a crate of tomatoes is p=90−3xp = 90 - 3x and the supply is p=10+xp = 10 + x, where xx is the number of crates and pp the price in rupees.

What is the market's equilibrium price for a crate of tomatoes?

Options for question 31

Show the answer and explanation
CorrectNot quiteAnswer B

Correct answer: B

Explanation

  1. At x=20x = 20: p=10+20p = 10 + 20.

  2. ₹30 a crate (and 90−60=3090 - 60 = 30 on the demand side too).

Worth noting

₹20 is the equilibrium quantity read as a price.

Concept
Equilibrium price
Typical time
90 s
Your time
—
The rule this testsMarket equilibrium
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