WAEC Economics 1991 (August) Question 27

Use the following market schedule for semovita to answer the question.
Price for 5 kg bag | Quantity demanded in bags | Quantity supplied in bags
N3.00 | 15,000 | 1,500
N4.00 | 13,000 | 3,000
N5.00 | 10,000 | 6,000
N6.00 | 7,000 | 7,000
N7.00 | 5,000 | 9,000
N8.00 | 4,000 | 12,000
N9.00 | 2,000 | 14,000
What is the equilibrium price?

1. A.N5.00
2. B.N6.00
3. C.N7.00
4. D.N8.00
5. E.N9.00