BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Demand is generally considered to slope downward: at higher prices, consumers buy less. The point at which the two curves intersect represents the market-clearing price-the price at which demand and supply are the same. Prices can change for many reasons (technology, consumer preference, weather conditions).

Detailed explanation-2: -Answer and Explanation: The point where the demand and supply curves intersect is the equilibrium. Equilibrium is a situation in which the forces that determine the behavior of some variable are imbalanced and therefore exert no pressure on that variable to change.

Detailed explanation-3: -When a product exchange occurs, the agreed upon price is called an equilibrium price, or a market clearing price. Graphically, this price occurs at the intersection of demand and supply as presented in Image 1. In Image 1, both buyers and sellers are willing to exchange the quantity Q at the price P.

Detailed explanation-4: -The equilibrium price and equilibrium quantity occur where the supply and demand curves cross. The equilibrium occurs where the quantity demanded is equal to the quantity supplied. If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied.

Detailed explanation-5: -The equilibrium price is the price at which the quantity demanded equals the quantity supplied. It is determined by the intersection of the demand and supply curves.