Equilibrium in a Market Is

question 228

Multiple Choice

Equilibrium in a market is

• A)a situation in which there are no inherent forces that produce change.
• B)the natural state of affairs in the market.
• C)the actual price and quantity that will exist in a market.
• D)the best price and quantity that can exist in a market.
• E)All of the above are correct.

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Definitions:

Breach

The violation of a law, duty, or other form of agreement.

Warranty

A guarantee provided by a manufacturer or seller regarding the condition of a product and the promise to repair or replace defective parts within a specified period.

Replevin

A legal action to recover personal property that has been wrongfully taken or retained.

Cover

In contracts, especially concerning the sale of goods, the act of obtaining replacement goods or services when a seller fails to fulfill their obligations.