The Intersection of the Demand and Supply Curves Is a Unique

question 105

Multiple Choice

The intersection of the demand and supply curves is a unique point termed:

• A)perfect competition
• B)an equilibrium
• C)the conservation of resources
• D)equality

---

Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.

Additional Unit

Pertains to an extra quantity or unit added to existing quantities, often analyzed in economic contexts like production and consumption.

Purely Competitive Conditions

describe a market structure characterized by many buyers and sellers where no single participant has the power to influence market prices significantly.

Cost Producing

The total expenses incurred in manufacturing a product or delivering a service.