Which statement defines equilibrium in a graph showing demand and supply curves? a. it is the point where the demand and supply curves intersect. b. it is the point where the demand and supply curves begin. c. it is the point on the demand curve where demand is highest. d. it is the point on the supply curve where supply is highest

The correct answer is A. Equilibrium is the point in a graph where the demand and supply curves intersect.

In economics, an economic equilibrium is a state in which economic forces are balanced and in the absence of external influences the values of the economic variables do not change. It is the point at which the quantity demanded and the quantity supplied are equal. A market equilibrium, for example, refers to the condition in which the market price is established through competition so that the quantity of goods and services desired by buyers is equal to the amount of goods and services produced by sellers. This price is usually called the equilibrium price and tends to remain stable as long as demand and supply do not change.

international economic development agencies harm poorer nations by encouraging them to serve as exporters to wealthier nations.