Cross Mark and Laws of Demand and Supply

Different symbols have different meanings although the meaning could be contextual and vary. Here, I want to discuss a cross mark symbol, which I guess most of us have been using since childhood. Cross mark is usually used to indicate that an answer is wrong or an option of a response at which a cross mark is place is not applicable to the person cross marking.

A cross mark gave me another meaning also. If I place a cross mark on a graph it gives me a mining of laws of demand and supply although the cross mark may not exactly represent the demand and supply curves. The market determines the price of a commodity or a service based on demand and supply of a good or service. Price remains at the Y-axis and quantity demanded or supplied at the X-axis of a chart.

The law of demand states that demand will be less at a higher price of a good or service in the context that other things remaining constant. The demand curve is symbolized by a descending line from left to right of a cross mark.

The law of supply states that supply will be more as price increases in the context that other things remaining constant, The supply curve is symbolized by an ascending line from left to right of a cross mark.

These two laws interact at an equilibrium price, a meeting point of demand and supply curves in a cross mark, at which the seller can sell the quantity s/he wants to sell and the buyer can buy the quantity s/he wants to buy. Thus, a cross mark symbolizes the laws of demand and supply.