Consider a graph that shows an upward-sloping supply curve and a downward-sloping demand curve.The equilibrium price and equilibrium quantity are found at the
A)horizontal intercept of the demand curve.
B)vertical intercept of the supply curve.
C)lowest possible price.
D)point at which demand equals supply.
E)point at which the quantity demanded equals the quantity supplied.

Question

Quizplus · Accepted Answer

The equilibrium price and quantity are determined at the point where the quantity demanded equals the quantity supplied, which is where the demand and supply curves intersect.

Consider a Graph That Shows an Upward-Sloping Supply Curve and a Downward-Sloping