When the Quantity Demanded and Quantity Supplied in a Market

question 346

Multiple Choice

When the quantity demanded and quantity supplied in a market are equal, the market is said to be in

• A) fixation.
• B) excess supply.
• C) equilibrium.
• D) excess demand.

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Definitions:

Sociological Principles

Encompasses the basic concepts, frameworks, and theoretical fundamentals that guide the study of society, social relationships, and social behavior.

Psychological Behaviors

Actions or reactions of an individual, stemming from their mental state and emotional responses, often studied within the context of psychology.

George Homans

A prominent American sociologist who contributed significantly to the development of social exchange theory.

Social Exchange Theory

A theory suggesting that social behavior is the result of an exchange process aiming to maximize benefits and minimize costs to the individuals or groups involved.