Refer to Scenario 2.1. What is the equilibrium price of books?

A) 5
B) 10
C) 15
D) 20
E) none of the above

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell, creating a balanced market situation.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels, at a given point in time.

Supply

The total amount of a good or service available for purchase at any given price.