If Equilibrium Is Present in a Market

question 14

Multiple Choice

If equilibrium is present in a market:

• A) there is either a shortage or a surplus.
• B) the quantity demanded equals quantity supplied.
• C) the quantity demanded exceeds quantity supplied.
• D) the quantity supplied exceeds quantity demanded.

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Definitions:

Perform

To carry out, execute, or do an action or activity.

Competent

Having the necessary ability, knowledge, or skill to perform a task effectively or to make legally binding decisions.

Adequate Market

An economic concept where there is a sufficient number of buyers and sellers for a particular product or service.

Common Law

A legal system based on precedent and judicial decisions, rather than written laws or statutes, primarily in the UK and former British colonies.