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Nitella [24]
3 years ago
13

The graph represents the supply and demand curve for chocolates in the economy. Identify the price and quantity at which there w

ill be
equilibrium in the chocolate market.​

Business
1 answer:
Zielflug [23.3K]3 years ago
3 0

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.

<u>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.</u>

<em>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.</em>

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