The is the only price where quantity demanded is equal to quantity supplied. Group of answer choices equilibrium price horizontal axis intercept vertical axis intercept market price Flag this Question Question 142 pts The downward slope of the demand curve again illustrates the pattern that as rises, decreases. Group of answer choices

Equilibrium price; price; quantity demanded.

Explanation:

Demand can be defined as the amount or quantity of goods and services that are being desired or required by the consumers and that they are willing to pay a price for.

The law of demand states that there is a negative relationship between the price of a good and the quantity of the good demanded.

This ultimately implies that, when the prices of goods and services in the market increases or rises: there would be a significant decline or fall in the demand for this goods and services.

Hence, the equilibrium price is the only price where quantity demanded is equal to quantity supplied. This is simply the point where there is an agreement between the quantity of goods produced by the manufacturer and the quantity of goods desired by the consumers, thus, both the desires of the producer and consumers are in sync.

The downward slope of the demand curve again illustrates the pattern that as price rises, quantity demanded decreases. This ultimately implies that, when the price at which a manufacturer, wholesaler or retailer increases, the quantity of goods demanded by the consumer would decrease and vice-versa.

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