The correct answer is the "equilibrium price."
Let's break down the options to understand why:
1. Equilibrium Price:
- The equilibrium price is defined as the price at which the quantity demanded by consumers equals the quantity supplied by producers. At this price, there is no surplus or shortage in the market, and the market is in a state of balance.
2. Horizontal Axis Intercept:
- The horizontal axis intercept in a demand or supply graph usually represents the quantity of goods when the price is zero. This is unrelated to the condition where quantity demanded equals quantity supplied.
3. Vertical Axis Intercept:
- The vertical axis intercept generally represents the price at which the quantity demanded or supplied is zero. This does not provide information about the equilibrium condition of the market.
4. Market Price:
- While the market price can sometimes coincide with the equilibrium price, it refers to the current price at which goods are being sold in the market. The market price may or may not be the equilibrium price, depending on whether there is a shortage or surplus.
Therefore, the equilibrium price is the specific price point where the quantity demanded is equal to the quantity supplied, leading to no excess supply or demand. Thus, the correct answer is:
Equilibrium Price
