Answer :
Answer:
The equilibrium point is the point where the demand and the supply curve intersects resulting in the equilibrium price.
There are several determinants of supply and several determinants of demand.
What Determines Supply:
The Prices of Factors of production, prices of the resources involved to manufacture a product, the taxes and subsides involved, the prices of the competitors products and the price of technology used to make a product.
What Determines Demand:
The price of a good or service in the market, the purchasing power of the people, the geographical location of the product, the trend in the industry, the income of the buyers, the number of competitors of that product, the tastes and preferences of the product and the expectations involved with that product.
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The equilibrium price is what can help determine the supply and demand of the product.
What is the equilibrium price?
- It is the price that stimulates demand and supply.
- It is the price that attracts consumers and satisfies producers.
- It is the price that keeps demand and supply in balance.
The equilibrium price is determined by the break-even point. It corresponds to the ideal price that determines whether supply and demand are at a point where they are favorable to both the consumer and the producer.
Therefore, the equilibrium price is ideal for determining the supply and demand of a product.
More information about supply and demand is at the link:
https://brainly.com/question/4804206