Describe in words how one can recognize the market equilibrium point in a graph of a demand schedule and a supply schedule
Please provide the best answer for the statement.
The market equilibrium point is the point where the demand curve intersects the supply curve. The quantity vertically below this point is the equilibrium quantity and the price horizontally opposite this point is the equilibrium price.
Economics
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If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
Economics
Real investment spending is ____ real personal consumption.
A. equal to B. greater than C. stable compared to D. highly volatile compared to
Economics