The Key Condition for Equilibrium to Occur in a Market

question 39

Multiple Choice

The key condition for equilibrium to occur in a market is:

• A)the demand curve equals the supply curve.
• B)quantity demanded equals quantity supplied.(True Answer )Correct
• C)price equals quantity.
• D)demand for one good equals demand for all other goods.

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Definitions:

Pluralist Model

A theory suggesting that power in a society is distributed among many groups, leading to a balance that benefits the general public.

Representative Democracies

A form of democracy in which citizens elect officials to govern on their behalf, making decisions and passing laws to guide the country.

Individual Rights

The basic freedoms and protections that belong to every person, empowering individuals by granting them entitlements and legal protections from abuses.

Elite Theory

Holds that small groups occupying the command posts of the most influential institutions make important decisions that profoundly affect all members of society. Moreover, they do so without much regard for elections or public opinion.