When the Market for a Good Is in Equilibrium

question 111

Multiple Choice

When the market for a good is in equilibrium,

• A) consumer surplus will equal producer surplus.
• B) the total value created for consumers will equal the total cost of production for business firms.
• C) all units valued more highly than the opportunity cost of production will be supplied.
• D) all units that have value will be produced, regardless of their cost of production.

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Definitions:

Pie Chart

A circular statistical graphic which is divided into slices to illustrate numerical proportion.

Cumulative Frequency Distribution

A frequency distribution that shows frequencies for class intervals along with the cumulative frequency at each.

Frequency Distribution

A summary of how often different values occur within a dataset, typically organized into a table or graph.

Class Intervals

The range of values within which a data point in a frequency distribution falls, often represented in grouped data.