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 amount of labour that will be employed in that market.
B)amount of time it takes to bring together the buyers and sellers of the good.
C)equilibrium price of the good.
D)total profit earned by producers.

Question

Quizplus · Accepted Answer

The point at which the supply and demand curves intersect is known as the equilibrium point, which indicates the market price at which the quantity demanded equals the quantity supplied. This is the price at which there is no surplus or shortage of the good in the market. Therefore, the equilibrium price of the good is identified at the intersection of the supply and demand curves.

When the Supply Curve and Demand Curve for a Particular