Describe the demand and supply curves for pens, including their intersection point and specific quantities demanded/supplied at given prices.

Here are the answers to your questions based on the demand and supply curves for pens.

7.1 Label the TWO curves.

• The downward-sloping curve is the Demand Curve (labeled "Quantity demanded" in the legend).
• The upward-sloping curve is the Supply Curve (labeled "Quantity supplied" in the legend).

7.2 What is the point called where demand and supply intersect?
The point where demand and supply intersect is called the equilibrium point.

7.3 When the price of a pen is R3, what will the equilibrium quantity be?
At a price of R3, the demand and supply curves intersect at a quantity of 60 pens.

7.4 How many pens are consumers willing to buy at a price of R4?
At a price of R4, consumers are willing to buy 40 pens (read from the demand curve).

7.5 How many pens are the producers willing to supply at R1?
At a price of R1, producers are willing to supply 20 pens (read from the supply curve).