document.write( "Question 1190185: Law of Demand\r
\n" ); document.write( "\n" ); document.write( "Price ($ per galloon)
\n" ); document.write( "1.00
\n" ); document.write( "1.20
\n" ); document.write( "1.40
\n" ); document.write( "1.60
\n" ); document.write( "1.80
\n" ); document.write( "2.00
\n" ); document.write( "2.20\r
\n" ); document.write( "\n" ); document.write( "Quantity Demanded (millions of galloons)
\n" ); document.write( "800
\n" ); document.write( "700
\n" ); document.write( "600
\n" ); document.write( "550
\n" ); document.write( "500
\n" ); document.write( "460
\n" ); document.write( "420\r
\n" ); document.write( "\n" ); document.write( "Law of Supply\r
\n" ); document.write( "\n" ); document.write( "Price ($ per galloon
\n" ); document.write( "1.00
\n" ); document.write( "1.20
\n" ); document.write( "1.40
\n" ); document.write( "1.60
\n" ); document.write( "1.80
\n" ); document.write( "2.00
\n" ); document.write( "2.20\r
\n" ); document.write( "\n" ); document.write( "Supply of Gasoline (millions of galloons)
\n" ); document.write( "500
\n" ); document.write( "550
\n" ); document.write( "600
\n" ); document.write( "640
\n" ); document.write( "680
\n" ); document.write( "700
\n" ); document.write( "720\r
\n" ); document.write( "\n" ); document.write( "Question: How much is the price in equilibrium point? Present your solution
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Algebra.Com's Answer #849202 by CPhill(1959) $\"\"$ $\"About$

You can put this solution on YOUR website!
The equilibrium point is where the quantity demanded equals the quantity supplied. Looking at the table, this occurs when the price is **$1.40 per gallon**, where both quantity demanded and supplied are 600 million gallons.
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