Question

The graph represents the supply and demand curve for chocolates in the economy. Identify the price and quantity at which there will be
equilibrium in the chocolate market.​

Answer 1

Answer:

Equilibrium Price - 3

Equilibrium Quantity - 3

Explanation:

The price at which there will be equilibrium in the chocolate market is 3 units while the corresponding quantity is also 3 units.

The equilibrium price and quantity represents the price and quantity where the demand for a product is equal to the supply for the same product respectively.

In the graph, the point of intersection of the demand and the supply curve represents the equilibrium point. At this point, the price on the Y axis is 3 units while the corresponding quantity on the X axis is also 3 units.