The graph shows a point of equilibrium. what does "p" represent on the graph? a. the point where equilibrium is achieved b. the price at the equilibrium point c. the average price of goods sold d. the point where supply and demand drop

Option B is correct.

B.the price at the equilibrium point.

The "P" shows a point of price of goods at equilibrium.

The price at the equilibrium point.

Further Explanation:  

Market equilibrium is a status where a market price is maintained through the competition so that the number of goods and services bought by the buyers is equal to the number of goods, services made by sellers. It is called a competitive price and the quantity is called competitive quantity. There are three properties of Equilibrium: the behavior of the agent is consistent, no agent has the incentive to change the behavior. Equilibrium is the result of the dynamic process. The equilibrium price is the amount supplied to the equal amount demanded. The firms maximize profit at market price. Nash equilibrium is used in economics and is the main alternative to the competitive equilibrium. To find the price of equilibrium one must need to mark the supply and the demand. In dynamic equilibrium, various quantities grow at the same rate.  In Dynamic Equilibrium physical capital stock grows at the same rate. The procedures of comparison of the two Dynamic Equilibrium are called as the comparative dynamics.

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Answer Details:

Grade: High School

Topic: Equilibirum

Subject: Social Science

Keywords:

Competitive price, maximize, profit, market price, competitive equilibrium, comparative dynamics.

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