The quantity of umbrellas supplied when the market price is $60 is 2,000 umbrellas.
The price at which an asset can be sold on the open market is referred to as the "market price." The market price of a given commodity is the point at which supply and demand for that good are equal. It is crucial for figuring out consumer surpluses, economic surpluses, etc. A good or service's market price may change as a result of changes or shocks in the demand and supply components.
Demand is the consumer's willingness to purchase a specific good at a specific price. Its fundamental components are the consumer's willingness to pay, ability to pay or affordability, and desire. Demand for the good decreases as its price rises, and vice versa.
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Use the table below to answer the questions that follow.
Supply of Umbrellas
Price Umbrellas Supplied
$120 5,000
100 4,000
80 3,000
60 2,000
40 1,000
20 0
What is the quantity of umbrellas supplied if the market price is $60?
