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Why would the intersection of a linear demand curve and a linear supply curve lie in the first quadrant?
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Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Is demand needed in equilibrium?
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
Which of the following is shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
Relevance of Income elasticity of demand?
-determine the nature of the commodity -it can be applied in the intersection of marked demand and supply of commodities -help firms to respond to changing economic situations.
What is eqiliblum point in the demand and supply?
The point of intersection of Demand and Supply curves is the equilibrium point.
What if demand and supply don't intersect?
If demand and supply don't intersect on the positive quadrant of the graph, then producing and selling the product isn't feasible. There are things that can adjust the two lines so that they do intersect on the positive quadrant, such as lowering the cost of production to better facilitate supply.
What is shown by the intersection of the supply and the demand curve?
the equilibrium price of a good or service
What is the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What law is illustrated in this diagram?
The diagram illustrates the law of supply and demand. It shows how the equilibrium price and quantity are determined by the intersection of the supply and demand curves.
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Is demand needed in equilibrium?
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
Which of the following is shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
Relevance of Income elasticity of demand?
-determine the nature of the commodity -it can be applied in the intersection of marked demand and supply of commodities -help firms to respond to changing economic situations.
How is the equilibrium between price and quantity established?
In both micro and macroeconomics, the equilibrium level of price and quantity are determined by looking at the supply and demand curves (aggregate demand and aggregate supply curves in the case of macroeconomics). The supply and demand curves' steepness and position are established by specific determinants (there are both determinants of supply and determinants of demand). However, these two graphs don't immediately tell you the quantity and price of a good, or aggregate goods in an aggregate market. By looking at the intersection of these two graphs, you can establish the price and quantity. Drawing a vertical line from the intersection, you will arrive at the quantity that is demanded and should be supplied (equilibrium quantity). And drawing a horizontal line from the intersection will give you the price the supplier should charge and what people are willing to pay (equilibrium price).
Determinants of quantity demanded?
Equilibrium is defined to the price-quantity pair where the quantity demanded is equal to the quantity supplied, represented by the intersection of the demand and supply curves.
