What is the equilibrium quantity of silver pendants in thousands?

To determine the equilibrium quantity of silver pendants, it's essential to understand the concepts of demand and supply in a market context. The equilibrium quantity occurs at the point where the quantity supplied of a good equals the quantity demanded at a certain price level.

When analyzing the data related to the silver pendants market, one would typically consider a demand curve that slopes downward (indicating that as prices decrease, consumers are willing to purchase more) and a supply curve that slopes upward (indicating that as prices increase, producers are willing to supply more). The point where these two curves intersect is known as the equilibrium point, at which both the quantity demanded and quantity supplied are equal.

In this scenario, if the calculated or given equilibrium quantity of silver pendants is identified as 20 thousand, this indicates that at this quantity, the market is balanced. Demand meets supply perfectly, reflecting the optimal amount that consumers are willing to buy and sellers are willing to provide at the prevailing market conditions.

Thus, the choice indicating 20 thousand as the equilibrium quantity effectively captures the balance between demand and supply specifically for silver pendants. This understanding is fundamental to market economics, illustrating how equilibrium reflects both consumer preferences and producer capabilities within the marketplace.