When Quantity Supplied Equals Quantity Demanded

question 16

Multiple Choice

When quantity supplied equals quantity demanded:

• A) equilibrium is reached.
• B) the market pushes the economy to produce more.
• C) the market pushes the economy to produce less.
• D) the market ceases to function.

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Definitions:

Subagent

An agent appointed by another agent, with the authority to perform tasks or activities on behalf of the original agent's principal.

Nondelegable Duty

A duty that the proprietor cannot delegate, or pass off, to another party.

Actual Warranty

A promise or guarantee provided by a seller regarding the condition and functionality of a product.

Implied Warranty

A warranty that is imposed by law rather than by statements, descriptions, or samples given by the seller.