Question
Review the graph.
A graph titled Supply and Demand has quantity on the x-axis, and price on the y-axis. A line labeled S has a positive slope and a line labeled D has negative slope. The lines intersect at a point.
Based on the graph, at which point is the ideal price for a product reached?
the point where supply exceeds demand
the point where supply is nearly zero
the point where supply and demand meet
the point where demand is nearly zero
A graph titled Supply and Demand has quantity on the x-axis, and price on the y-axis. A line labeled S has a positive slope and a line labeled D has negative slope. The lines intersect at a point.
Based on the graph, at which point is the ideal price for a product reached?
the point where supply exceeds demand
the point where supply is nearly zero
the point where supply and demand meet
the point where demand is nearly zero
Answers
GPT-4o mini
The ideal price for a product is reached at **the point where supply and demand meet**. This point is known as the equilibrium point, where the quantity supplied equals the quantity demanded, leading to a stable market condition for that product.