Imagine a Free Market in Equilibrium

question 181

Multiple Choice

Imagine a free market in equilibrium. After a sudden increase in demand (but before the price can adjust) , the market experiences:

• A) a shortage.
• B) a surplus.
• C) no change.
• D) a new equilibrium.

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Definitions:

Reliability

The degree to which a system, component, or process performs its required functions under stated conditions for a specified period of time.

Components In Series

An electrical configuration where components are connected along a single path, so the same current flows through all of them.

Preventive Maintenance

Routine maintenance, inspections, and servicing performed on equipment, machinery, or systems to prevent unexpected failures or breakdowns.

Product Reliability

The likelihood that a product will perform its intended function without failure over a specified period.