Which of the Following Is the Correct Way to Describe

question 55

Multiple Choice

Which of the following is the correct way to describe equilibrium in a market?

• A)At equilibrium, demand equals supply.
• B)At equilibrium, quantity demanded equals quantity supplied.
• C)At equilibrium, market forces no longer apply.
• D)At equilibrium, scarcity is eliminated.

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Definitions:

Supply Chain

A constellation of groups, individuals, activities, information, and supplies engaged in the process of delivering a product or service from the producer to the purchaser.

High Tariffs

Elevated taxes imposed on imported goods, aimed at protecting domestic industries from foreign competition.

Manufacturing Plants

Facilities where goods are produced in large quantities through the combination of workers, machinery, and processes.

Local Market

A market that exists within a specific geographical area, often characterized by face-to-face transactions and the availability of locally produced goods.