Asked by Simon Sazian on Jun 26, 2024
Verified
Where the graphs of supply and demand functions intersect,the market is in equilibrium.
Supply Functions
Mathematical expressions that describe how the quantity of goods or services offered by suppliers changes in response to price changes.
Demand Functions
Mathematical expressions that show the relationship between the quantity demanded of a good or service and its price.
Market Equilibrium
A condition in a market where the quantity supplied is equal to the quantity demanded at a certain price level.
- Apply supply and demand principles to determine market equilibrium.
Verified Answer
SM
Samuel MelekJul 01, 2024
Final Answer :
True
Explanation :
This is a basic principle in economics. When the supply and demand curves intersect, the quantity supplied equals the quantity demanded, and the market is said to be in equilibrium.
Learning Objectives
- Apply supply and demand principles to determine market equilibrium.