Question

The graph shows a point of equilibrium. A graph has Quantity supplied on the x-axis and price in dollars on the y-axis. A line that represents supply has a positive slope and a line that represents demand has a negative slope. The lines intersect at point (30, 9). Line P is drawn from the point of equilibrium to the y-axis, and line Q is drawn from the point of equilibrium to the x-axis. What does "P" represent on the graph? the point where equilibrium is achieved the price at the equilibrium point the average price of goods sold the point where supply and demand drop

Answer 1

Answer:

"P" represents the price at the equilibrium point.

Explanation:

In Economics, equilibrium is a market situation when demand and supply intersect.  This means that the quantity demanded and supplied are equal.  The price at this equilibrium point is called the Equilibrium Price.  The  intersection is called the equilibrium point and the quantity at this point is the equilibrium quantity.

In other life situations, equilibrium is achieved when there is a balance between two states.