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

Question

Quizplus · Accepted Answer

The equilibrium price and quantity in a market are determined at the point where the quantity demanded by consumers equals the quantity supplied by producers. This is where the supply and demand curves intersect.

Consider a Graph That Shows an Upward- Sloping Supply Curve