Transcribed Image Text:5. Illustrates the market for Pizza has the following demand and supply
schedules:
Price
$3
$4
$5
$6
$7
$8
Quantity Quantity
Demanded Supplied
115
95
80
67
50
38
37
55
80
95
110
122
a. Graph the demand and supply curves. What is the equilibrium price and
quantity in this market?
b. If the actual price in this market were above the equilibrium price, what would
drive the market toward the equilibrium?
c. If the actual price in this market were below the equilibrium price, what would
drive the market toward the equilibrium?
schedules:
Price
$3
$4
$5
$6
$7
$8
Quantity Quantity
Demanded Supplied
115
95
80
67
50
38
37
55
80
95
110
122
a. Graph the demand and supply curves. What is the equilibrium price and
quantity in this market?
b. If the actual price in this market were above the equilibrium price, what would
drive the market toward the equilibrium?
c. If the actual price in this market were below the equilibrium price, what would
drive the market toward the equilibrium?
