When a Market Is in Equilibrium

question 46

Multiple Choice

When a market is in equilibrium

• A) everyone has all they want of the commodity in question.
• B) there is no shortage and no surplus at the equilibrium price.
• C) the number of buyers is exactly equal to the number of sellers.
• D) the supply curve has the same slope as the demand curve.

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Definitions:

Communication

The process of sharing information, ideas, and feelings through verbal or non-verbal means between individuals or groups.

Scientific Management

A theory of management that analyzes and synthesizes workflows to improve economic efficiency and labor productivity.

Job Satisfaction

A measure of how content an individual is with their job; it involves various factors including the nature of the work, compensation, work conditions, and colleagues.

Worker Morale

The overall outlook, attitude, satisfaction, and confidence that employees feel at work.