Economic Definition of intersection. Defined.
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Term intersection Definition: In a graph the point at which two lines cross. In a more sophisticate mathematical view, the combination of two variables that simultaneously satisfy two separate relations. The most common intersection in economics involves the demand and supply curves. The equilibrium price and equilibrium quantity are the two variables that simultaneously satisfy the demand and supply relations (law of demand and law of supply). Most graphical intersection points are worth noting in the study of economics. More often than not an intersection point is also an equilibrium.