Below is a graph showing the relationship between demand and supply in price determination. (i)Identify curves X and Y (ii)What name is given to the point where...

      

Below is a graph showing the relationship between demand and supply in price determination.
fig2631020191300.png
(i)Identify curves X and Y
(ii)What name is given to the point where curves X and Y intersect,
iii) Give a reason why curve X slopes downwards from left to right.

  

Answers


Kavungya
i) X- Supply curve
Y- Demand curve

ii) Equilibrium point

iii)The higher the price the lower the quantity demanded and the lower the price the more the quantity demanded.
Kavungya answered the question on October 3, 2019 at 10:02


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