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The statement "Equilibrium is the point at which the supply and demand curves intersect" is True.
Here's why:
1. In economics, equilibrium is a state where economic forces such as supply and demand are balanced. At this point, the quantity supplied equals the quantity demanded.
2. In a market, the equilibrium price and quantity are determined by the intersection of the supply and demand curves. This intersection point indicates the price at which the quantity supplied matches the quantity demanded.
3. When supply exceeds demand, prices tend to fall, encouraging more consumption until equilibrium is reached. Conversely, if demand exceeds supply, prices tend to rise, reducing demand until equilibrium is achieved.
So, in summary, equilibrium is indeed the point where the supply and demand curves intersect, reflecting a balance in the market.
