Stewart, the owner of abc construction, agreed with joan, the owner of xyz hotel, that he would complete renovations on her upscale hotel on the beach in florida by october 1. the amount due to stewart under the contract was $250,000. the contract contained a clause by which stewart would pay joan $50,000 for each day he was late on completing the project.

Which of the following most accurately describes how the equilibrium price of a good or service can be determined? a. by moving the supply curve right or left until it matches the demand curve. b. by finding where the supply curve and the demand curve intersect. c. by doing market research to determine the maximum price consumers will pay. d. by taking the opposite of the columns in a supply schedule and a demand schedule.