When a Market Is in Equilibrium

question 26

Multiple Choice

When a market is in equilibrium,

• A) quantity demanded will equal quantity supplied.
• B) a shortage will be present.
• C) a surplus will be present.
• D) sellers will continue to expand production to increase revenues.

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Definitions:

Precariat Class

A social class formed by people suffering from precarity, which entails living without predictability or security, especially in employment.

Job Insecurity

The lack of certainty about one's employment status, including the risk of unemployment or underemployment.

Geographical Arbitrage

The practice of taking advantage of price differences between geographic locations by buying low in one area and selling high in another.

Post-Fordist Organizations

Refer to a shift in organizational structures emphasizing flexibility, innovation, and decentralized decision-making, moving away from mass production and rigid hierarchies characteristic of the Fordist era.