Suppose that we illustrate demand and supply with quantity on the horizontal axis and price on the vertical axis. The equilibrium is represented as the intersection of supply and demand curves.

Question

Quizplus · Accepted Answer

This is the standard representation of demand and supply curves and their intersection represents the equilibrium price and quantity. This is the typical graphical representation of supply and demand, where the equilibrium point is where the two curves intersect.

Suppose That We Illustrate Demand and Supply with Quantity on the Horizontal