-The Vertical Intercept of Line (2)on the Above Graph Is

question 117

Multiple Choice

-The vertical intercept of line (2) on the above graph is:

• A) 8
• B) 12
• C) 16
• D) 24

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Definitions:

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the price where supply and demand are balanced.

Alfred Marshall

A British economist known for his work on microeconomics and for developing the concepts of supply and demand elasticity.

Demand Analysis

The study of consumers' willingness to purchase a particular product or service at various prices and times.

Increase in Demand

A situation where more of a good or service is sought by consumers at each price level, leading to a rightward shift in the demand curve.