Question

The graph shows a point of equilibrium. A graph titled Daily Market for Graphic Tees at the Clothing Shop has Quantity supplied on the x-axis, from 0 to 30 in increments of 5, and price in dollars on the y-axis, from 0 to 30 in increments of 5. A line that represents supply has a positive slope and a line that represents demand has a negative slope. The lines intersect at (15, 20). How many goods must be supplied to achieve equilibrium? 15 20 25 30

Answer 1

The price at which equilibrium is achieved is $20.

How to illustrate the equilibrium?

The equilibrium point is the point where the lines of the demand and supply functions meet.

From the question, we understand that price is plotted on the vertical axis (i.e. the y-axis).

Also from the question, the lines intersect at point (15, 20).

The y-coordinate of the intersection point is 20 in this scenario.

Hence, the price at which equilibrium is achieved is $20.

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