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What does the intersection of the two lines in the graph signify?

Practice Questions

Q1
What does the intersection of the two lines in the graph signify?
  1. Equal sales for both products
  2. A change in market preference
  3. A seasonal effect
  4. A data error

Questions & Step-by-Step Solutions

What does the intersection of the two lines in the graph signify?
  • Step 1: Look at the graph with the two lines.
  • Step 2: Find the point where the two lines cross each other. This point is called the intersection.
  • Step 3: Understand that the intersection represents a specific situation where both lines have the same value.
  • Step 4: In this context, the intersection shows that consumers are changing their preferences from one product to another.
  • Step 5: This means that at the intersection point, the demand for both products is equal.
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