Question: The graph shows the market for peanuts. A graph with quantity in millions of bags per year on the x-axis from 60 to 180 in

The graph shows the market for peanuts. A graph with quantity in millions of bags per year on the x-axis from 60 to 180 in 10-unit increments and price in dollars per bag on the y-axis from 0 to 800 in 50-dollar increments. There is a downward-sloping line labeled D. The line starts at a quantity of 80 million bags and a price of 700 dollars and ends at a quantity of 160 million bags and a price of 100 dollars. There is an upward-sloping line labeled S. The line starts at a quantity of 80 million bags and a price of 300 dollars and ends at a quantity of 160 million bags and a price of 500 dollars. The two lines intersect at a point corresponding to 120 million bags and a price of 400 dollars per bag. 60 80 100 120 140 160 180 0 100 200 300 400 500 600 700 800 Quantity (millions of bags per year) Price (dollars per bag) A graph with quantity in millions of bags per year on the x-axis from 60 to 180 in 10-unit increments and price in dollars per bag on the y-axis from 0 to 800 in 50-dollar

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!