At the point where the supply and demand curves intersect, we find the equilibrium price. The equilibrium price is the price at which the quantity supplied is equal to the quantity demanded in the market. This is where buyers and sellers agree on a price that ensures that all goods produced are consumed.
Here's why the other options are not correct:
- The minimum supply: This refers to the lowest quantity of a product that producers are willing to supply at a given price. It is not related to the intersection of supply and demand curves.
- The level of efficient production: This is about producing goods at the lowest cost possible while maintaining quality. It is not directly tied to the intersection of supply and demand curves.
- The maximum demand: This does not correspond to the point of intersection of supply and demand curves. Demand refers to the quantity of a good or service that consumers are willing and able to buy at various prices, not the maximum point.
Therefore, the correct answer to the question is:
C. The equilibrium price.
