What does the number 1 on the vertical axis represent in the graph of the market for rabbits? The figure depicts the price of rabbits in dollars on the vertical axis, and the quantity of rabbits per year on the horizontal axis. There is an upward-sloping line labeled the market supply curve. There is a downward-sloping line labeled the market demand curve. There are two points labeled on the vertical axis. Point 1 represents the price at which the market supply curve intersects the market demand curve. Point 2 represents the price at the bottom of the market supply curve. There are two points labeled on the horizontal axis. Point 3 represents the quantity at which the market supply curve intersects the market demand curve. Point 4 represents the quantity on the demand curve that corresponds to the price (Point 2) at the bottom of the market supply curve. the lowest price that rabbit farmers will accept the equilibrium quantity of rabbits the equilibrium price of a rabbit the lowest price that customers can find for rabbits