Determining the equilibrium price of rice depends on the market demand and supply of rice. The equilibrium price is the price at which the quantity of rice demanded by buyers is equal to the quantity of rice supplied by sellers.
If the demand for rice is high and the supply is low, the price of rice will increase until buyers are willing to buy less rice or sellers are willing to supply more rice. Conversely, if the supply of rice is high and the demand is low, the price of rice will decrease until buyers are willing to buy more rice or sellers are willing to supply less rice.
Without knowing the current market demand and supply of rice, it's impossible to determine the equilibrium price of rice. Therefore, none of the options provided (N1.00, N2.00, N3.00, or N4.00) can be the correct answer. The equilibrium price of rice can only be determined by analyzing the current market conditions of demand and supply.
Determine the equilibrium price of rice.