A new equilibrium (wonkish) and various observations (petty)
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In basic economics, a supply-and-demand graph shows quantity supplied and demanded on the x-axis and price on the y-axis. The supply curve (normally a line) is upward-sloping, because the higher a price a firm can command for its goods, the more of that good it will produce. Similarly, the lower a good's price, the higher the demand for that good, so the demand curve is downward-sloping. The point at which these curves intersect represents the equilibrium price of that good.
A new equilibrium (wonkish) and various observations (petty)
A new equilibrium (wonkish) and various…
A new equilibrium (wonkish) and various observations (petty)
In basic economics, a supply-and-demand graph shows quantity supplied and demanded on the x-axis and price on the y-axis. The supply curve (normally a line) is upward-sloping, because the higher a price a firm can command for its goods, the more of that good it will produce. Similarly, the lower a good's price, the higher the demand for that good, so the demand curve is downward-sloping. The point at which these curves intersect represents the equilibrium price of that good.