Question

At the point where the demand and supply curves intersect:

A. the buying and selling decisions of consumers and producers are inconsistent with one another.
B. the market is in disequilibrium.
C. there is neither a surplus nor a shortage of the product.
D. quantity demanded exceeds quantity supplied.

Answer 1

The point where the demand and supply curves intersect is called the equilibrium point. At this point, there is neither a surplus nor a shortage of the product, and the market is in equilibrium.

Step-by-step explanation:

The point where the demand and supply curves intersect is called the equilibrium point. This is the point where the quantity demanded is equal to the quantity supplied. At the equilibrium point, there is neither a surplus nor a shortage of the product, which means that the market is in equilibrium. If the price is below the equilibrium level, there will be excess demand or a shortage. On the other hand, if the price is above the equilibrium level, there will be excess supply or a surplus.