Examine this supply and demand graph for a product. What does the red dot
on the graph represent?
Price
$5
$4
$1
0
Demand
1
2
3
Quantity
OA. The product's equilibrium price
B. The product's quantity demanded
OC. The product's supply schedule
D. The product's quantity supplied
4
Supply
5

Examine This Supply And Demand Graph For A Product. What Does The Red Doton The Graph Represent?Price$5$4$10Demand123QuantityOA.

Answers

Answer 1

The most appropriate  answer is "Equilibrium Point". However, based on the options given, it is "The product's equilibrium price" (Option A).

What is equilibrium price?

The equilibrium price   is the price at which the quantity demanded by consumers equals the quantity supplied byproducers in a market.

It is important because it   represents a point of balance wheresupply and demand are in harmony.

It ensures that resources are   allocated efficiently, prevents shortages or surpluses,and allows markets to function smoothly.

The equilibrium price also serves as a reference point for businesses and consumers in making economic decisions.

Learn more about Equilibrium Point at:

https://brainly.com/question/26075805

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