-In line (3) on the above graph,variables x and y are:
Definitions:
Quantity Supplied
The total amount of a specific good or service that producers are willing and able to sell at a given price within a specified period.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a particular price.
Equilibrium
A state where supply equals demand in a market, resulting in no inherent force for price change.
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.
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