Equilibrium Exists When

question 96

Multiple Choice

Equilibrium exists when:

• A)output is distributed equitably.
• B)scarcity is eliminated.
• C)an individual would be better off taking a different action.
• D)no individual has an incentive to change his or her behavior.

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Definitions:

Sellers' Costs

The expenses incurred by sellers in providing goods or services, including production, labor, and materials costs.

Good

A tangible product or item that satisfies some human want or need, which can be transferred or sold from one person to another.

Profits And Losses

A financial metric indicating the positive (profits) or negative (losses) financial outcomes of a business's operations.

Scarce Resources

Resources that are limited in supply and are not available in sufficient quantities to satisfy all the various ways a society wants to use them.