The Equilibrium of Supply and Demand in a Market Maximizes

question 78

True/False

The equilibrium of supply and demand in a market maximizes the total benefits received by buyers and sellers.

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Definitions:

Draft

A written order by which the party creating it orders another party to pay money to a third party. Also called bill of exchange.

Instrument

A formal legal document that serves as evidence of a fact, act, or obligation, such as a deed, will, or contract.

Insane

A term describing severe mental illness or insanity, legally signifying inability to understand or control one's actions.

Checks

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.