question 1 of 5 select the correct location on the image. the supply and demand curves for a new style of…
question 1 of 5 select the correct location on the image. the supply and demand curves for a new style of womens jeans are shown. where is the equilibrium point?
Answer
Explanation:
Step1: Recall equilibrium concept
In economics, the equilibrium point is where the supply and demand curves intersect.
Step2: Locate intersection on graph
On the given graph, find the point where the "demand" and "supply" curves cross.
Answer:
The point where the demand and supply curves intersect on the graph.