select the correct location on the image. the supply and demand curves for vintage vinyl records are shown…
select the correct location on the image. the supply and demand curves for vintage vinyl records are shown. where is the equilibrium point?
Answer
Explanation:
Step1: Recall equilibrium concept
In economics, the equilibrium point is where the supply and demand curves intersect.
Step2: Identify intersection on graph
Looking at the graph of the supply and demand curves for vintage vinyl records, the point of intersection is the equilibrium point.
Answer:
The point where the two curves cross on the graph.