A Market Is in Equilibrium When

question 318

Multiple Choice

A market is in equilibrium when

• A) the quantity demanded equals the quantity supplied at the market clearing price.
• B) the horizontal axis crosses the vertical axis.
• C) buyers do not desire for the price to be any lower.
• D) the equilibrium price is below the market price.

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Definitions:

Supporting Assembly

The process or area where components are prepared, assembled, or added to other parts to contribute to the final product in a manufacturing setting.

Servicing Customers

The process and practice of providing support, service, and assistance to customers or clients.

Direct Labor Time

The amount of time that workers directly involved in the production process spend on the manufacture of products, critical for costing and efficiency analysis.

Automated Production Line

A sequence of automated machines and workstations arranged to efficiently manufacture a product.