if-the-equilibrium-price-of-a-product-is-10-and-the-equilibrium-quantity-is-50-u

Question

If the equilibrium price of a product is $10 and the equilibrium quantity is 50 units, what does this mean on a supply and demand graph?

Accepted Answer

The supply and demand curves intersect at a price of $10 and a quantity of 50 units.

Answer

The supply curve is above the demand curve at this point.

Answer

The demand curve is above the supply curve at this point.

Answer

The curves do not intersect at this point.

If the equilibrium price of a product is \$10 and the equilibrium quantity is 50 units, what does this mean on a supply and demand graph?