In a supply and demand figure, the equilibrium price and quantity are found at the

Question

Quizplus · Accepted Answer

The equilibrium price and quantity are found at the point where quantity supplied equals quantity demanded. This is the point where the supply and demand curves intersect. The horizontal intercept of the supply or demand curves do not necessarily represent the equilibrium point, as they only show the quantity supplied or demanded at a price of zero. The vertical intercept of the supply curve represents the quantity supplied at a price of zero, but does not represent the equilibrium point.

In a Supply and Demand Figure, the Equilibrium Price and Quantity