Which of the Following Statements Is TRUE

question 148

Multiple Choice

Which of the following statements is TRUE?

• A)The concept of equilibrium requires that all individuals have an equal amount of income.
• B)If a market is in equilibrium, the price in that market will not fluctuate by more than 5%.
• C)If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off.
• D)A market is in equilibrium when the number of buyers is equal to the number of sellers.

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Definitions:

Population Average

The mean value of a trait or characteristic within an entire population.

Sample Mean

The average of all the data points in a sample, used as an estimate of the population mean.

Square Root

The square root of a number is a value that, when multiplied by itself, gives the original number.

P < 0.05

A statistical threshold indicating that the observed results are significant with a probability of less than 5% being due to chance.