Question

Observe the following figure/diagram and answer the questions below it: 

Questions:

1. What is represented on ‘X’-axis in the above diagram?      [1]
2. Which price shows equilibrium price of demand and supply?      [1]
3. What is represented on ‘Y’-axis in the above diagram?      [1]
4. Which point represents the demand and supply equilibrium point in the above diagram?      [1]

Answer 1

1. Demand and Supply is represented on the ‘X’-axis in the given diagram.
2. Price ₹ 300 shows the equilibrium price of demand and supply.
3. Price is represented on the ‘Y’-axis in the given diagram.
4. ‘E’ point represents the demand and supply equilibrium point in the given diagram.