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    Adonis Gaoiran
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    The supply curve shows that as the price of pizza rises, pizzerias will supply more pizza because it is more profitable. The demand curve shows that as the price of pizza rises, consumers will buy less pizza and purchase substitutes instead. The equilibrium point is where the supply and demand curves intersect, which is the price and quantity where the amount pizzerias supply equals the amount consumers demand.

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    The supply curve shows that as the price of pizza rises, pizzerias will supply more pizza because it is more profitable. The demand curve shows that as the price of pizza rises, consumers will buy less pizza and purchase substitutes instead. The equilibrium point is where the supply and demand curves intersect, which is the price and quantity where the amount pizzerias supply equals the amount consumers demand.

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    © All Rights Reserved
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    5 views1 page

    Assignment No.1

    Uploaded by

    Adonis Gaoiran
    The supply curve shows that as the price of pizza rises, pizzerias will supply more pizza because it is more profitable. The demand curve shows that as the price of pizza rises, consumers will buy less pizza and purchase substitutes instead. The equilibrium point is where the supply and demand curves intersect, which is the price and quantity where the amount pizzerias supply equals the amount consumers demand.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    The supply curve in this graph shows the relationship between the quantity of pizza supplied

    and the price of pizza, additionally, as can be seen in the graph, the supply curve slopes upward
    as the price of pizza rises, making selling pizza more profitable, so it encourage pizzerias to
    produce more pizza. For the demand curve in this graph shows the relationship between the
    quantity of pizza demanded and the price of pizza, and as we can see, the demand curve slopes
    downward as the price of pizza rises, so it encourage consumers to buy less pizza and find
    substitute foods. And for the equilibrium for the market is the price and the quantity at which
    the demand and supply curves intersect, meaning to say at the equilibrium price, the pizzerias
    choose to produce more pizza and the consumers choose to purchase the quantity of pizza.

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