The graph shows a point of equilibrium. A graph has Quantity supplied on the x-axis and price in dollars on the y-axis. A line that represents supply has a positive slope and a line that represents demand has a negative slope. The lines intersect at point (30, 9). Line P is drawn from the point of equilibrium to the y-axis, and line Q is drawn from the point of equilibrium to the x-axis. What does "P" represent on the graph? the point where equilibrium is achieved the price at the equilibrium point the average price of goods sold the point where supply and demand drop

In Economics, equilibrium is a market situation when demand and supply intersect. This means that the quantity demanded and supplied are equal. The price at this equilibrium point is called the Equilibrium Price. The intersection is called the equilibrium point and the quantity at this point is the equilibrium quantity.

In other life situations, equilibrium is achieved when there is a balance between two states.

swatiupadhyay714 swatiupadhyay714 · Answer 2 · 2021-12-06T18:12:07+01:00

Demand refers to the need or the basic fulfillment of the goods and services of the consumers. Consumers demand when they feel that they are not able to satisfy themselves in society. ON the other hand, supply refers to the availability of goods and services to the customers.

In the graph that has been mentioned in the context p is the point that refers to the equilibrium price. This point is known as the equilibrium price because this point has been created by the equilibrium demand and supply.

Equilibrium is referred to as the point when the demand and supply of the economy intersect each other and also the quantity demanded and quantity supplied is equal.

To know more about the equilibrium price, quantity demanded and supplied, refer to the link below:

https://brainly.com/question/4836758