Consider a Graph That Shows an Upward-Sloping Supply Curve and a Downward-Sloping

question 76

Multiple Choice

Consider a graph that shows an upward-sloping supply curve and a downward-sloping demand curve.The equilibrium price and equilibrium quantity are found at the

• A)horizontal intercept of the demand curve.
• B)vertical intercept of the supply curve.
• C)lowest possible price.
• D)point at which demand equals supply.
• E)point at which the quantity demanded equals the quantity supplied.

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Definitions:

Independent

Not influenced or controlled by others; acting freely.

P(A|B)

The likelihood of event A happening provided that event B has taken place.

P(B|A)

The probability of event B occurring given that event A has already occurred.

P(A and B)

The probability of both event A and event B occurring in a combined manner.