What would drive the price toward the equilibrium

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Reference no: EM13192103

The market for pizza has the following demand and supply schedule:

Price Quantity Demanded Quantity Supplied

$4 135 pizzas 26 pizzas
5 104 53
6 81 81
7 68 98
8 53 110
9 39 121

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 equilibrium price, what would drive the price toward the equilibrium?
c. If the actual price in this market where BELOW the equilibrium price, what would drive the price toward the equilibrium?

Reference no: EM13192103

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