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AssignmentMultiple Choice

Determining Market Price

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

Where is the equilibrium point on this graph?

Answer
A
where the demand curve begins and the supply curve ends
B
where the demand curve and the supply curve cross each other
C
where the supply curve begins and the demand curve ends
D
where both curves begin heading downward

Explanation

The equilibrium point is where the quantity supplied equals the quantity demanded. On a graph, this is the point where the supply curve and demand curve cross each other, so the correct choice is “where the demand curve and the supply curve cross each other.”

AI-written and checked against the verified answer.

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