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:

Business-to-Business

Transactions or interactions that occur between businesses, as opposed to those between a business and an individual consumer.

Buying Situations

Various scenarios or contexts in which a purchase is made, which can influence the decision-making process and marketing strategies.

Modified Rebuy

A buying situation in which an organization makes some changes to an existing purchase agreement, perhaps adjusting quantities, delivery schedules, or product specifications.

Evoked Set

A group of relevant brands or products that a consumer recalls from memory when making a purchasing decision.