ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Supply and demand curves intersect at the equilibrium price. This is the price at which we would predict the market will operate.

Detailed explanation-2: -When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal. The corresponding price is the equilibrium price or market-clearing price, the quantity is the equilibrium quantity.

Detailed explanation-3: -Equilibrium Price At the point where an upward-sloping supply curve and a downward-sloping demand curve intersect, supply and demand in terms of the quantity of the goods are balanced, leaving no surplus supply or unmet demand.