Question

Where is the equilibrium point on this graph?
where the demand curve begins and the supply
curve ends
O where the demand curve and the supply curve
cross each other
O where the supply curve begins and the demand
curve ends
where both curves begin heading downward

Answer 1

Answer:

The equilibrium point on the graph is the point where where the demand curve and the supply curve

cross each other

Explanation:

Given that a graphic of demand and supply exists, the equilibrium price on the graph is the point of intersection of the supply and demand curves.

In other words;

Let S = Supply Curve.

Let D = Demand Curve

Here, the equilibrium point is

where the supply curve (S) and the demand curve (D) intersect is the equilibrium i.e the point where S = D.

Upward shifts in the supply and demand curves affect the equilibrium price and quantity.

Answer 2

The demand and supply curve gives a graphical association between quantity demanded and quantity supplied in relation to price of the commodity. The equilibrium point is denoted by the point where the demand curve and the supply curvecross each other.

• The supply curve gives information about the quantity of goods supplied to the market at a given price while the demand curve depicts the quantity of goods consumers need at a given price.

• The equilibrium point is marks the point where the quantity supplied equals to the quantity demanded. Which is represented as the point where both lines intersect.

Therefore, the point where the demand and supply curves intersect is called the equilibrium point.

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