If Equilibrium Is Present in a Market

question 14

Multiple Choice

If equilibrium is present in a market:

• A) there is either a shortage or a surplus.
• B) the quantity demanded equals quantity supplied.
• C) the quantity demanded exceeds quantity supplied.
• D) the quantity supplied exceeds quantity demanded.

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Definitions:

Mile

A unit of distance equal to 5,280 feet or approximately 1,609 meters.

Dimensional Analysis

A mathematical technique used to convert units of measurement.

Conversion Formulas

Mathematical equations used for converting units from one system to another, e.g., from metric to imperial.

Conversion Formula

A mathematical formula used to change a measurement from one unit to another.