From 12th grade Economics, I can say that that point is called equilibrium. that is the point where both supply and demand's needs are met. If the point is above the supply and demand lines, It is inefficient and is only reached through new breakthroughs like technology, more workers, etc... and if the point is below where both lines meet, resources are being used inefficiently. Economics is the study of allocating scarce resources, after all.
Price or Equilibrium
Price of equilibrium
which is true about the functional relationship shown in the graph
supply and demand curve for hybrid vehicles
buang ka
Graph
If a seller increase supply without changes in demand, his business will not last. He will have more supply than demand.
which is true about the functional relationship shown in the graph
supply and demand curve for hybrid vehicles
buang ka
Graph
If a seller increase supply without changes in demand, his business will not last. He will have more supply than demand.
The demand / supply graph is designed to have supply on the vertical axis (Y) and demand on the horizontal (X). Thus you will have a higher supply = lower demand, or lower supply = high demand.
Economists can visualize equilibrium price using a supply and demand graph. The point where the supply and demand curves intersect represents the equilibrium price. It shows the price at which the quantity demanded by consumers matches the quantity supplied by producers, resulting in a market balance.
It is the price where demand equals supply in a competitive market.
Supply and demand graphs meet at the equilibrium price.
graph
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Point of equilibrium!