When Supply and Demand Are in Equilibrium, the Price of a Good

question 77

Multiple Choice

When supply and demand are in equilibrium, the price of a good is:

• A) greater than the marginal utility of the good.
• B) equal to the marginal utility of the good.
• C) less than the marginal utility of the good.
• D) not necessarily any of the above.

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Definitions:

Labor Problem

Refers to issues and conflicts between workers and management, often relating to working conditions, wages, and employment rights.

Inept Managers

Leaders or supervisors who lack the skills, abilities, or competence to effectively manage an organization or team.

Purchasing Power

The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.

Human Resource Management

The strategic approach to the effective management of people in an organization, which helps their business gain a competitive advantage.