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Suppose there are five sellers and five buyers in a rental market, each willing to buy or sell one rental unit, with values of {1000,900,800,700,600}. Assuming no transactions costs and a competitive market, what is the equilibrium price in this market

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Answer: $800

Explanation;

The Equilibrium price is the price where the quantity sold by buyers equals the quantity sold by sellers.

Going by the following schedule that price would be $800 because at that point Sellers are willing to sell 3 units and Buyers are willing to buy 3 units.

Price  Quantity Demanded    Quantity Sold

1,000  1   5

900  2   4

800  3   3

700  4   2

600  5   1

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