The Condition That Exists When All Markets in an Economy

question 122

Multiple Choice

The condition that exists when all markets in an economy are in simultaneous equilibrium is known as

• A) market equity.
• B) Pareto efficiency.
• C) partial equilibrium.
• D) general equilibrium.

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Definitions:

Consumer Purposes

Activities or objectives that cater to the needs and desires of individual buyers, contrasting with commercial or business aims.

Federal Trade Commission Act

A U.S. federal law established in 1914 to promote consumer protection and eliminate and prevent anticompetitive business practices.

Material Misrepresentation

An untrue assertion of fact by one individual to another that leads to the latter being persuaded into a agreement.

Affirmative Disclosure

The requirement for parties, especially in commercial transactions, to proactively share relevant information, rather than merely avoiding falsehoods.