The Output Level That Occurs in Any Market That Is

question 31

Multiple Choice

The output level that occurs in any market that is in equilibrium:

• A)is the quantity where the supply curve intersects the y-axis.
• B)is the quantity where the demand curve intersects the x-axis.
• C)is the quantity at an output level where buyers will pay more than suppliers require.
• D)is an output level where buyers will not pay as much as suppliers require.
• E)means consumers or producers cannot be made better off by an expansion or contraction of output.

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Definitions:

Observations

The act of noting and recording something with instruments or the senses as a part of scientific research or empirical study.

Paradigm Shift

A fundamental change in the basic concepts and experimental practices of a scientific discipline.

Falsifiable Hypothesis

A hypothesis that can be demonstrated to be false by an experiment or observation, a critical aspect of the scientific method.

Prokaryotes

Single-celled organisms that lack a nucleus and membrane-bound organelles, including bacteria and archaea.