When a Market Is in Equilibrium

question 74

Multiple Choice

When a market is in equilibrium:

• A)there is either excess demand or excess supply.
• B)both excess demand and excess supply are positive.
• C)both excess demand and excess supply are positive and equal to each other.
• D)there is neither excess demand nor excess supply.

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Definitions:

Punishment Avoidance

A behavior modification strategy where the reduction or avoidance of undesirable consequences reinforces a behavior.

Early Maturing

The process of experiencing the onset of puberty earlier than the average age, which can have various social, psychological, and physical effects.

Preconventional Morality

According to Lawrence Kohlberg's theory, the first level of moral development in which behavior is governed by considerations of punishment and reward.

Conventional Morality

A stage in moral development where individuals make moral decisions based on societal rules and laws.