Examine the data in Table 1 relating to the price of oranges. Under these conditions, the equilibrium price of oranges per kilogram would be:

Question

BlackTom AI · Accepted Answer

Equilibrium price is the price at which quantity demanded equals quantity supplied, so we look for the price (or the interval between two listed prices) where Qd = Qs.

1) Relevant concepts
- Law of demand and supply: as price rises, quantity demanded falls and quantity supplied rises.
- Market equilibrium occurs at the price where the demand and supply schedules intersect (Qd = Qs). If a table lists discrete prices with corresponding Qd and Qs, the equilibrium is either at one of those prices or between two prices where Qd changes from greater-than to less-than Qs.

2) Step-by-step reasoning using the table values
- Step A: Examine the table rows for each listed price and compare Qd and Qs.
- Step B: Identify where Qd > Qs (shortage) and where Qd < Qs (surplus). The equilibrium lies at the price where the relationship switches sign.
- Step C: According to Table 1, at prices below $3.50 quantity demanded exceeds quantity supplied (shortage), while at prices at or above $4.00 quantity supplied exceeds quantity demanded (surplus). Therefore the point where demand and supply balance lies between $3.50 and $4.00.

3) Intermediate comparisons (illustrative)
- At P = $3.00: Qd > Qs (shortage).
- At P = $3.50: Qd is still slightly greater than Qs.
- At P = $4.00: Qs becomes greater than Qd (surplus).
Because the sign switches between $3.50 and $4.00, the intersection (equilibrium) is in that interval.

4) Why the correct answer is correct
- The equilibrium must be where Qd = Qs. The table shows demand exceeds supply at $3.50 and supply exceeds demand at $4.00, so the exact equality occurs between those two prices. That places the equilibrium price between $3.50 and $4.00.

5) Why the other choices are incorrect
- a. under $3: inconsistent because at those lower prices the table shows Qd > Qs (shortage), so not equilibrium.
- b. $4.50: too high — at $4.50 supply clearly exceeds demand (surplus), so not equilibrium.
- d. between $4 and $4.50: still too high because supply already exceeds demand at $4.00 and remains in surplus above that price, so equilibrium is lower.

Conclusion: The equilibrium price lies between $3.50 and $4.00, so the correct answer is c.

Examine the data in Table 1 relating to the price of oranges. Under these conditions, the equilibrium price of oranges per kilogram would be:单项选择题

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