QUESTION 5 Supply 0 20 Demand 50 100 150 200 Quantity Refer

QUESTION 5 Supply 0 20- Demand 50 100 150 200 Quantity Refer to the above diagram. The highest price that buyers will be willing and able to pay for 100 units of this product is: O $30. O $60. o$40. o $20.

Solution

$ 60

Demand curve shows the price that consumers are willing to pay for commodity. For quantity of 100, consumers are willing to pay $ 60.