Which of the Following Occurs When a Market Is in Equilibrium

question 66

Multiple Choice

Which of the following occurs when a market is in equilibrium?

• A)quantity supplied is equal to quantity demanded
• B)supply is equal to demand.
• C)the price of the good will tend to rise, all else held constant.
• D)the price of the good will tend to fall, all else held constant.

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Definitions:

Best Evidence Rule

A legal principle requiring the presentation of the original document as evidence in court, rather than copies, unless the original is unavailable.

Obligee

A person or entity that is owed a duty or performance under a legal agreement or contract.

Obligor

An obligor is a person or entity legally bound to provide a payment, service, or other benefit to another party (the obligee) under the terms of a contract or legal agreement.

Statute of Frauds

The Statute of Frauds is a legal principle that requires certain kinds of contracts to be in writing and signed by the party to be charged, to prevent fraud and perjuries.