3. Ch. 4 Problems and Applications Q8The market for pizza has the following demand and supply schedules:Price of Pizzas1098721Use the blue points (circle symbol) to graph the demand for pizzas. Then use the orange points (square symbol) to graph the supply of pizza. Finally,use the black point (plus symbol) to indicate the equilibrium price and quantity in this market.0Price(Dollars)405156789Quantity Demanded Quantity Supplied30(Pizzas)1351048168533945 60 75 90Quantity of Pizzas105 120 135 150• •DemandSupply+(Pizzas)26538198110121Equilibrium If the actual price in this market were above the equilibrium price, quantity supplied would be greater than quantity demanded, so there wouldbe downwardpressure on prices.True or False: If the actual price in this market were below the equilibrium price, suppliers could raise the price without losing sales.TrueFalse

Equilibrium in economics refers to a state of balance or stability in a market where the quantity…

The market for pizza has the following demand and supply schedules: 10 9 8 Price (Dollars) 4 5 6 7 8 9 se the blue points (circle symbol) to graph the demand for pizzas. Then use the orange points (square symbol) to graph the supply se the black point (plus symbol) to indicate the equilibrium price and quantity in this market. 3 Quantity Demanded Quantity Supplied (Pizzas) 135 104 81 68 53 39 O Demand Supply + (Pizzas) 26 53 81 98 110 121 Equilibrium pizza. Finally,