The Equilibrium Point is the place where the Demand Curve (D) and Supply Curve (S) intersects.
In the given coordinate system, the x axis gives us the quantity and y axis gives us the price. So we look at the y-value where the intersection of supply and demand curve occurs.
The intersection point of both the curves (lines) occur at the point where Quantity = 40 and Price = 70.
We want to know price, so it is $70, answer choice C.
