The tendencies of buyers and sellers can be represented in the meeting of demand and supply curves. Where the two lines intersect, then demand and supply have reached a(n) _________________ and this is the price that will be set.

Question

Quizplus · Accepted Answer

Equilibrium is the correct term used in economics to describe the point where the demand and supply curves intersect, indicating that the quantity demanded equals the quantity supplied, and the market price is established.

The Tendencies of Buyers and Sellers Can Be Represented in the Meeting