When the supply curve and demand curve for a particular good are on a single graph,the point at which the two curves intersect identifies the:
A)total profit earned by producers.
B)total amount of labour that will be employed in that market.
C)amount of time it takes to bring together the buyers and sellers of the good.
D)equilibrium price of the good.

Question

Quizplus · Accepted Answer

The point at which the supply and demand curves intersect is known as the equilibrium point or price. This is the point where the quantity of the good supplied equals the quantity demanded, resulting in neither a surplus nor shortage of the good. Therefore, the equilibrium price is the price at which a particular good will be sold in the market.

When the Supply Curve and Demand Curve for a Particular