Economists Use the Term Equilibrium to Describe Situation When

question 125

Multiple Choice

Economists use the term equilibrium to describe situation when:

• A)individuals are equal.
• B)goods are distributed equitably .
• C)there are equal number of buyers and sellers..
• D)no individual would be better off taking a different action or no individual has an incentive to change his or her behavior.

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Definitions:

Group Context

Refers to the environmental and dynamic variables that influence the behavior, attitudes, and effectiveness of a group's members.

Organization Teams

Groups within an organization that are formed around common goals, tasks, or responsibilities to achieve specific outcomes.

Quality Circles

Small groups of employees who meet regularly to solve problems and improve production in their area of work.

Productivity

A measure of the efficiency of production, often quantified as the ratio of outputs to inputs in a production process.