10
QuizMultiple Choice

Elasticity and Incentives

Question 10 • (Galli)WCA 2221 Civics/Economics 1st nine weeks 26-27

On a graph, an equilibrium point is where

Answer
A
a supply curve and a demand curve meet.
B
a supply curve is higher than a demand curve.
C
the supply and demand curves head up.
D
the supply and demand curves head down.

Explanation

An equilibrium point is where the quantity supplied equals the quantity demanded. On a graph, that occurs where the supply curve and demand curve intersect, or meet. A curve being higher than another or the direction in which curves slope does not by itself identify equilibrium.

AI-written and checked against the verified answer.

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