Question

The point at which the supply curve and the demand curve intersect is called: irrelevant, because real-world prices never reach this point. equilibrium, because quantity demanded equals quantity supplied so there is no tendency for price to change. equilibrium, because quantity supplied exceeds quantity demanded so there is a surplus. equilibrium, because quantity demanded exceeds quantity supplied so there is a shortage.

Answer 1

The correct answer is letter "B": equilibrium, because quantity demanded equals quantity supplied so there is no tendency for price to change.

Step-by-step explanation:

Equilibrium is a state in which supply and demand match. Plotted in a graph, equilibrium happens when the curves of price and demand intersect. Consumers are getting the number of goods they want, suppliers sell their goods, and prices are becoming stable at this point.