Question

Using the picture of the supply and demand curves below, identify the point which

represents the equilibrium price.

A
B
C
D

Answer 1

c is the correct represent the equilibrium price if I am not wrong

Step-by-step explanation:

sry if I am wrong

Answer 2

The point which represents the equilibrium price is C.

The point of intersection of the supply and demand curves is the equilibrium point. This is the point where the quantity of a good or service that producers are willing to supply (supply) equals the quantity that consumers are willing to demand (demand). At this point, the market is cleared and there is no surplus or shortage of the good or service.

In the image, the equilibrium point is labeled as C. The equilibrium price is the price at which the supply and demand curves intersect, which in this case is the price at point C.

Here is a summary of the points labeled:

• Point A: This point is below the equilibrium price. At this price, there is a surplus of the good or service, as producers are willing to supply more than consumers are willing to demand.
• Point B: This point is above the equilibrium price. At this price, there is a shortage of the good or service, as consumers are willing to demand more than producers are willing to supply.
• Point C: This is the equilibrium point, where the quantity of the good or service that producers are willing to supply equals the quantity that consumers are willing to demand.
• Point D: This point is not labeled in the image, but it would be above point B and to the right of the supply curve. At this price, there would be a even greater surplus of the good or service than at point B.