The Point at Which the Supply Curve and the Demand

question 14

True/False

The point at which the supply curve and the demand curve intersect is referred to as the equilibrium price.

---

Definitions:

Reasonable Alternative Design

A feasible and practical design option that could minimize or eliminate risk or harm, often discussed in the context of product liability.

Express Warranty

A clearly stated promise or guarantee about the condition or functionality of a product, made by the seller to the buyer.

Technical Data Sheet

A document providing essential technical information and specifications about a product, material, or system, intended to guide users or inform regulatory compliance.

Basis of Bargain

The fundamental agreement between parties that forms the foundation of a contract or negotiation.