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.
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
1 answer
1 answer