When a Market Is in Equilibrium

question 70

Multiple Choice

When a market is in equilibrium,

• A) quantity demanded equals quantity supplied
• B) quantity demanded exceeds quantity supplied
• C) the demand curve is identical to the supply curve
• D) the economy must be at a point along the production possibilities frontier
• E) the law of demand is equivalent to the law of supply

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Definitions:

Stratosphere

The layer of the Earth's atmosphere located above the troposphere, characterized by a slight temperature increase with altitude and the presence of the ozone layer.

Human Health

Pertains to the holistic state of physical, mental, and social well-being of individuals, not merely the absence of disease or infirmity.

Ozone

A molecule composed of three oxygen atoms, present naturally in the Earth's stratosphere, where it absorbs and scatters the sun's ultraviolet radiation.

Troposphere

The lowest layer of Earth's atmosphere where weather happens and where most of the atmospheric water vapor exists.