Which is shown by the intersection of the supply curve and the demand curve?

Question

Responses

amount that supply influences demand

amount that supply influences demand

equilibrium price of a good or service

equilibrium price of a good or service

cost of production for a commodity

cost of production for a commodity

maximum price consumers will pay

Answer 1

The intersection of the supply curve and the demand curve shows the equilibrium price of a good or service. This is the price at which the quantity supplied equals the quantity demanded.