​ Market Equilibrium Is

question 403

Multiple Choice

​ Market equilibrium is:

• A) ​defined as the condition in which there is neither a shortage or surplus.
• B) ​ defined as the condition under which the separately formulated plans of buyers and sellers exactly mesh when tested in the market.
• C) ​ represented graphically by the intersection of the supply and demand curves.
• D) ​ all of the above.

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Definitions:

Upsloping

Typically refers to a graph line that shows an increase in a variable as another variable increases; commonly used in economics to describe supply curves.

Suppliers

Entities that provide goods or services to other individuals or organizations, typically for resale or business use.

Federal Income Tax

A tax levied by the United States government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Taxpayers

Individuals or entities that are obligated to pay taxes to government authorities based on earned income, property ownership, or other taxable activities.