When the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies the
A) total profit earned by producers.
B) total amount of labor that will be employed in that market.
C) amount of time it takes to bring together the buyers and sellers of the good.
D) equilibrium price of the good.

Question

Quizplus · Accepted Answer

The point at which the supply curve and demand curve intersect is known as the equilibrium point, and it represents the price at which the quantity supplied equals the quantity demanded. This means that all buyers who are willing and able to pay that price can purchase the good, and all sellers who are willing and able to produce the good at that price can sell it. This is the point of market efficiency and the equilibrium price of the good. Therefore, option D is the correct answer.

When the Supply Curve and Demand Curve for a Particular