There Is Equilibrium in the Market When

question 50

Multiple Choice

There is equilibrium in the market when:

• A) there is no shortage.
• B) there is no surplus.
• C) price is established where the supply curve and the demand curve intersect.
• D) all of the above are true.

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Definitions:

Beliefs

Acceptance that something exists or is true, especially one without proof.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment.

Negative Thinking

A cognitive process that involves focusing on the worst aspects of a situation, expecting the worst, and viewing oneself and the world with pessimism.

Biases

Inclinations or prejudices for or against one person or group, especially in a way considered to be unfair.