When a Market Is in Equilibrium

question 58

Multiple Choice

When a market is in equilibrium,

• A)there is neither a surplus nor a shortage.
• B)the number of buyers equals the number of sellers.
• C)firms are producing the maximum quantity possible given the existing technology.
• D)supply equals demand.
• E)the quantity supplied is greater than or equal to the quantity demanded.

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Definitions:

Abstraction

The process of reducing complexity by focusing on the essential characteristics of something, often used in art and programming.

Non-Material Production

The creation of services, ideas, or experiences rather than physical goods.

Fitness Maximization

An evolutionary biology principle where organisms are believed to evolve in ways that maximize their genetic fitness or ability to reproduce successfully.

Selective Management

A strategy in management focusing on prioritizing and targeting resources and efforts on key areas or activities to maximize effectiveness and efficiency.