The Point at Which the Demand and Supply Curves Intersect

question 64

Multiple Choice

The point at which the demand and supply curves intersect - the point at which the quantity demanded and supplied are equal - is called the ________.

• A) equilibrium point
• B) aggregation point
• C) marginal point
• D) break-even point
• E) distribution point

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Definitions:

Downward Sloping Demand

A characteristic of most demand curves, indicating that as the price of a good decreases, the quantity demanded increases.

Monopoly Power

The ability of a single supplier to control the market prices and output of a good or service, due to lack of competition.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.

Monopoly Power

The ability of a monopoly to dictate the terms of the market, including price and quantity of goods or services provided.